GENERAL RULES OF TRADING. 15.1. Once you place an Order on the Trading Platform, the Company executes the said order by itself. It is understood that the Company executes the Client Orders in CFDs as principal to principal against the Client. 15.2. You acknowledge and agree that each Transaction conducted on the Trading Platform, including the placing of an Order, is comprised of first, an offer by you to us to complete a Transaction (whether such offer is to open a Transaction or close an open Transaction) at a certain price quoted on the Trading Platform, and our subsequent acceptance of your offer. A Transaction will be deemed to have been completed only when your offer has been received and accepted by us. Our acceptance of an offer will be evidenced by our confirmation of its terms to you and its completion. 15.3. We will be under no obligation to, but may in our absolute discretion, provide quotes for, or accept, execute or cancel, all or any part of a Transaction that you have requested through the Trading Platform without giving any reason. You may request to cancel or amend a Transaction at any time prior to our completing such a Transaction. We shall be entitled, but not obliged, to accept such a request in our sole discretion. 15.4. We reserve the right to void from the outset any Transaction containing or based on any Manifest Error. In the absence of our fraud or willful default, we will not be liable to you for any loss, cost, claim, demand or expense following any Manifest Error. 15.5. You acknowledge that all prices and Quotes shown on the Trading Platform are indicative only of actual trading prices in Normal Market Size and are subject to constant change. The Company provides Quotes by taking into account the Underlying Asset price, but this does not mean that these Quotes are within any specific percentage of the Underlying Asset price. When the relevant Underlying Market is closed, the Quotes provided by the Company will reflect what the Company thinks to be the current Bid and Ask price of the relevant Underlying Asset at that time. 15.6. You shall comply with any restrictions that we notify you from time to time with respect to your activities on the Trading Platform, including without limitation, the size of Transactions or other conditions that may apply to our quote. You acknowledge that we may offer to and impose on each user, in our sole discretion, different terms and restrictions with respect to their use of the Trading Platform. 15.7. You acknowledge that the Trading Platform is independent of any Underlying Markets and we are under no obligation to quote a particular price or follow the trading rules consistent with such Underlying Markets. You further acknowledge that the triggering of your Transaction is linked to the prices we quote on the Trading Platform, not the prices quoted on the relevant Underlying Markets. In determining whether the prices quoted on the Trading Platform reach or exceed the price accepted by us in a Transaction, we will be entitled (but not obliged), in our absolute discretion, to disregard any prices quoted by us during any pre-market, post-market or intra-day auction periods in the relevant Underlying Markets, during any intra-day or other period of suspension in the relevant Underlying Markets, or during any other period that in our reasonable opinion may give rise to short-term price spikes or other distortions. Our prices may differ from the current prices on the relevant Underlying Markets and you acknowledge that a Transaction may be triggered even though: ● an Underlying Market never traded at the level of your Transaction; or ● the Underlying Market did trade at the level of your Transaction but for such a short period that it would have been impractical to execute an equivalent transaction on the Underlying Markets. 15.8. When you complete a Transaction on the Trading Platform, you agree that you are not dealing on a recognised exchange. 15.9. You undertake and agree not to use the prices quoted on the Trading Platform for any purpose other than for your own trading purpose, and you agree not to redistribute our prices to any other person whether such redistribution is for commercial or other purposes. 15.10. You acknowledge that each Transaction is made for a specified number of units that constitute the Underlying Asset. You may only complete Transactions on the Trading Platform for the minimum number of units as set forth on the Trading Platform as the "Unit Amount", and in multiples of such "Unit Amount" up until the maximum amount permitted by the Trading Platform. You acknowledge and agree that we may set, in our sole and absolute discretion, the "Unit Amount" for each Underlying Asset. 15.11. Each Transaction opened by you, and any Transaction completed, will be binding on you notwithstanding that by opening the Transaction you may have exceeded any credit or other limit applicable to you or in respect of your dealings with us. It is noted however that the Company applies a Negative Balance Protection Policy pursuant to which, you may not lose more than the amount deposit on the Platform. In the event that a Position is closed at such price causing your equity to fall below zero, the Company shall waive its right to receive the balance from the Client. 15.12. Subject to paragraph 15.15 herein you may request a quote to open or close a Transaction for a particular Underlying Asset, at any time during the Trading Hours for such Underlying Asset. We will be under no obligation to but may, in our absolute discretion, provide a quote and accept and act on your offer to open or close a Transaction for an Underlying Asset outside of the Trading Hours of such Underlying Asset. In some cases, Transactions may only be traded during the time when the relevant Underlying Market is open. Trading Hours are displayed on the Trading Platform under the details link for each specific Underlying Asset. It is your responsibility to ensure you are aware of which Underlying Asset may be affected. 15.13. Without prejudice to any of our right hereunder, if, prior to the acceptance of your Order to open or close a Transaction, we become aware that any of the factors set out in paragraph 15.14 herein have not been met, we reserve the right to reject your Order outright. If we have, nevertheless, already opened or closed a Transaction prior to becoming aware that a factor set out in paragraph 15.14 herein has not been met, we may, in our discretion, either treat such a Transaction as void from the outset or close it at our then prevailing price. However, we may, in our absolute discretion, allow you to open or, as the case may be, close the Transaction in which case you will be bound by the opening or closure of such Transaction, notwithstanding that the factors in paragraph 15.14 were not satisfied. 15.14. The factors referred to in paragraph 15.13 include the following: ● the quote must be obtained via the Trading Platform or by such other means as we may from time to time notify you. ● your offer to open or close the Transaction must be given while the quote is still valid. ● the quote must not contain a Manifest Error. ● when you offer to open a Transaction, the number of units in respect of which the Transaction is to be opened must be neither smaller than the minimum unit amount specified on the Trading Platform for the Instrument, as applicable, from time to time, nor greater than the amount permitted in accordance with the terms of this Agreement. ● when you offer to close part but not all of an open Transaction both the part of the Transaction that you offer to close and the part that would remain open if we accepted your offer must not be smaller than the minimum unit amount specified on the Trading Platform. ● Force Majeure Event must not have occurred when you offer to open or close a Transaction. ● an Event of Default must not have occurred in respect of you. ● when you offer to open any Transaction, the opening of the Transaction must not result in your exceeding any initial or maintenance margin amount, credit or other limit placed on your dealings. ● subject to paragraph 15.12, our offer must be given to us during the Trading Hours for the applicable Underlying Asset in respect of which you offer to open or close the Transaction. ● the internet connection or communications are not disrupted. ● there is no request of regulatory or supervisory authorities of Belarus or a court order to the contrary. ● the legality or genuineness of the Order is not under doubt. ● there are Normal Market Conditions; and ● any other reasonable factor that we, in our sole discretion, notify you from time to time. 15.15. If, before your offer to open or close a Transaction is accepted by us, our quote moves to your advantage (for example, if the price goes down as you buy, or the price goes up as you sell) you agree that we can (but do not have to) pass such price improvement on to you. The effect of such action being that the level at which you offer to open or close a Transaction will, upon acceptance by us, be altered to the more favourable price. You acknowledge that it is in your best interests for us to alter the level of your offer in the manner contemplated in this paragraph and you agree that any offer altered in accordance with this paragraph, once accepted by us, results in a fully binding agreement between us. Without derogating from the foregoing, you acknowledge that it is within our complete discretion as to when we will pass on a price improvement to you. You should also note that we will only pass on a price improvement within allowable limits. 15.16. Certain third-party companies may make available computerized solutions that facilitate the entry of trading orders or the execution of other activities on the Trading Platform (e.g. "trading robots") and/or allow for algorithm-based trading ("Robots" and/or "Robot Trading"). The use of any Robots and/or Robot Trading with the Trading Platform is in no way sanctioned by the Company and is at the Client's sole risk and responsibility. The Company makes no representations or warranties about the effectiveness, accuracy, functionality, performance, integrity, freedom-from-error or any other feature of any such Robots or Robot Trading solutions. Clients expressly acknowledge that the use of any Robots or engaging in Robot Trading is extremely risky and hereby absolve the company of liability for any damage caused as a result of the use of Robots and or Robot Trading. Any Transaction completed through the use of a Robot or through Robot Trading shall be considered to have been executed by the Client. The Company is under no obligation to facilitate the use of any Robot or to make available Robot Trading on the Trading Platform. 15.17. The Company is under no obligation, unless otherwise agreed in the Agreement, to monitor or advise the Client on the status of any Transaction or to close out any Client’s Open Positions. When the Company decides to do so, other than in order to enforce the Negative Balance Protection, this will be done on a discretionary basis and will not be considered an undertaking of an obligation to continue. It is the Client’s responsibility to be aware of his positions at all times. 15.18. If any Underlying Asset which is a security becomes subject to possible adjustments as a result of any of the events set out in section 15.19 (referred to as “Corporate Event”), the Company will determine the appropriate adjustment, if any, to be made to the opening/closing price, size, value and/or quantity of the corresponding Transaction (and also the level or size of the corresponding orders). This action is made in order to (i) account for the diluting or concentrating effect necessary to preserve the economic equivalent of the rights and obligations of the parties under that transaction immediately prior to that Corporate Event, and/or (ii) replicate the effect of the Corporate Event upon someone with an interest in the relevant Underlying Asset security, to be effective from the date determined by the Company. 15.19. The events to which paragraph 15.18 refers to are any of the following, by the declaration of the issuer of a security: a. A subdivision, consolidation or reclassification of shares, a share buy-back or cancellation, or a free distribution of bonus shares to existing shareholders, capitalization or share split or reverse share split or similar event. b. A distribution to existing holders of the shares or additional shares, other share capital or securities, granting the right to payment of dividends and/or proceeds from the liquidation of the issuer equally proportionate to such payments to holders of the underlying shares, securities, or warrants granting the right to receive or purchase shares for less than the current market price per share. c. Any other event regarding shares analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of shares. d. Any event analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of any security not based on shares. e. Any event that is caused by a merger offer made regarding the company of the underlying asset. 15.20. If any Underlying Asset which is a security becomes subject to a specific risk resulting in a predicted fall in value, the Company reserves the right to restrict short selling or even withdraw the specific Underlying Asset from the Trading Platform. 15.21. Determination of any adjustment or amendment to the opening/closing price, size, value and/or quantity of the Transaction (and/or level or size of any order) shall be at the Company’s sole discretion and shall be conclusive and binding upon the Client. The Company shall inform the Client of any adjustment or amendment via its internal mail as soon as is reasonably practicable. 15.22. In the case where the Client deliberately attempts to take advantage of the fact that shares in a particular Spot Index going ex-dividend, the Company reserves the right to apply a dividend adjustment in the form of commission without prior notice or consent. In the case of short positions, the dividend adjustment will be debited from the client’s account where dividend adjustments = Index Dividend declared x position size in Lots.
Appears in 3 contracts
Samples: Client Agreement, Client Agreement, Client Agreement
GENERAL RULES OF TRADING. 15.1. Once you place an Order on the Trading Platform, the Company executes the said order by itself. It is understood that the Company executes the Client Orders in CFDs as principal to principal against the Client.
15.2. You acknowledge and agree that each Transaction conducted on the Trading Platform, including the placing of an Order, is comprised of first, an offer by you to us to complete a Transaction (whether such offer is to open a Transaction or close an open Transaction) at a certain price quoted on the Trading Platform, and our subsequent acceptance of your offer. A Transaction will be deemed to have been completed only when your offer has been received and accepted by us. Our acceptance of an offer will be evidenced by our confirmation of its terms to you and its completion.
15.3. We will be under no obligation to, but may in our absolute discretion, provide quotes for, or accept, execute or cancel, all or any part of a Transaction that you have requested through the Trading Platform without giving any reason. You may request to cancel or amend a Transaction at any time prior to our completing such a Transaction. We shall be entitled, but not obliged, to accept such a request in our sole discretion.
15.4. We reserve the right to void from the outset any Transaction containing or based on any Manifest Error. In the absence of our fraud or willful default, we will not be liable to you for any loss, cost, claim, demand or expense following any Manifest Error.
15.5. You acknowledge that all 13.1 All prices and Quotes shown on the Trading Platform are indicative only of actual trading prices in only, relate to Normal Market Size and are subject to constant change. The Company provides Quotes by taking into account change as the Underlying Asset price, but this does not mean that these Quotes are within any specific percentage of the Underlying Asset price. When the relevant Underlying Market is closed, the Quotes provided by the Company will reflect what the Company thinks to be the current Bid and Ask price of the relevant Underlying Asset at that timemarket changes.
15.6. 13.2 You shall must comply with any reasonable restrictions that we notify you of from time to time with respect to your activities on the Trading Platform, including without limitationlimitations on, and the size of of, Transactions and resultant Positions, or other conditions that may apply to our quote. You acknowledge that we may offer to and impose on each user, in our sole discretion, different terms and restrictions with respect to their use of the Trading Platform.
15.7. You acknowledge that the Trading Platform is independent of any Underlying Markets and we are under no obligation to quote a particular price or follow the trading rules consistent with such Underlying Markets. You further acknowledge that the triggering of your Transaction is linked to the prices we quote on the Trading Platform, not the prices quoted on the relevant Underlying Markets. In determining whether the prices quoted on the Trading Platform reach or exceed the price accepted by us in a Transaction, we will be entitled (but not obliged), in our absolute discretion, to disregard any prices quoted by us during any pre-market, post-market or intra-day auction periods in the relevant Underlying Markets, during any intra-day or other period of suspension in the relevant Underlying Markets, or during any other period that in our reasonable opinion may give rise to short-term price spikes or other distortions. Our prices may differ from the current prices on the relevant Underlying Markets and you acknowledge that a Transaction may be triggered even though: ● an Underlying Market never traded at the level of your Transaction; or ● the Underlying Market did trade at the level of your Transaction but for such a short period that it would have been impractical to execute an equivalent transaction on the Underlying Markets.
15.8. When you complete a Transaction on the Trading Platform, you agree that you are not dealing on a recognised exchange.
15.9. You undertake and agree not to use the prices quoted on the Trading Platform for any purpose other than for your own trading purpose, and you agree not to redistribute our prices to any other person whether such redistribution is for commercial or other purposes.
15.10. You acknowledge that each Transaction is made for a specified number of units that constitute the Underlying Asset. You may only complete Transactions on the Trading Platform for the minimum number of units as set forth on the Trading Platform as the "Unit Amount", and in multiples of such "Unit Amount" up until the maximum amount permitted by the Trading Platform. You acknowledge and agree that we may set, in our sole and absolute discretion, the "Unit Amount" for each Underlying Asset.
15.11. 13.3 Each Transaction opened or completed by you, and any Transaction completed, you will be binding on upon you notwithstanding that by even where, for example, in opening the Transaction you may have exceeded any credit or and/or other limit applicable to you or in respect of your dealings with us. It is noted however that the Company applies a Negative Balance Protection Policy pursuant to which, you may not lose more than the amount deposit on the Platform. In the event that a Position is closed at such price causing your equity to fall below zero, the Company shall waive its right to receive the balance from the Clientunless prohibited by Applicable Law.
15.12. Subject to paragraph 15.15 herein 13.4 We may monitor the status of any Transaction; make Margin Calls or advise you may request a quote to open that you are in breach of any Margin Requirements; or close any Transaction that you have opened, but we are not under any obligation, unless required by Applicable Law, to take such action and will not be responsible for any losses you incur as a Transaction for a particular Underlying Asset, at any time during the Trading Hours for such Underlying Asset. result of our action or inaction.
13.5 We will be under no obligation to but may, in our absolute discretion, may provide a quote and accept (and therefore act on on) your offer to open or close a Transaction for an Underlying Asset outside of the Trading Hours of such Underlying Assetfor an Instrument. In some cases, Transactions may can (and will) only be traded executed during the time when the relevant Underlying Market Exchange is open. Trading Hours are displayed on the Trading Platform under the details link open for each specific Underlying Assetbusiness. It is your responsibility to ensure you are aware of which Underlying Asset may be affectedthe trading hours for the Instruments you trade in.
15.13. Without prejudice to any 13.6 Trading strategies which involve the use of ultra-high speed or mass data entry must not be deployed without our right hereunderprior written consent, if, prior to the acceptance of which we may withhold at our discretion.
13.7 We may reject your Order offer to open or close a Transaction, we become aware that any of the factors set out in paragraph 15.14 herein have not been met, we reserve the right to reject your Order outright. If we have, nevertheless, already opened or closed a Transaction prior to becoming aware that a factor set out in paragraph 15.14 herein has not been met, we may, in our discretion, either treat such a Transaction as void from the outset unwind or close it at our then prevailing price. Howeverany Open Positions without notice, if we may, in our absolute discretion, allow you to open or, as the case may be, close the Transaction in which case you will be bound by the opening or closure of such Transaction, notwithstanding that the factors in paragraph 15.14 were not satisfied.reasonably believe:
15.14. The factors referred to in paragraph 15.13 include the following: ● the quote must be obtained via the Trading Platform or by such other means as we may from time to time notify you. ● (a) your offer to open or close the Transaction must be is given while the quote is still no longer valid. ● the ;
(b) our quote must not contain contains a Manifest Error. ● when you offer to open a Transaction, the number of units in respect of which ;
(c) the Transaction exceeds the maximum Order amount;
(d) the Order is placed in reliance on price latency opportunities including any Orders placed using API, or by attempting to be opened must be neither smaller than game or abuse the minimum unit amount specified system;
(e) you have insufficient funds available on your Account to cover the Trading Platform for the InstrumentMargin associated with an opening Transaction or maintaining an Open Position, as applicable, from time to time, nor greater than the amount permitted in accordance with the terms of this Agreement. ● when or you offer to close part but not all of an open Transaction both the part of the Transaction that you offer to close and the part that would remain open if we accepted your offer must not be smaller than the minimum unit amount specified on the Trading Platform. ● Force Majeure Event must not have occurred when you offer to open or close a Transaction. ● an Event of Default must not have occurred in respect of you. ● when you offer to open breach any Transaction, the opening of the Transaction must not result in your exceeding any initial or maintenance margin amount, credit or other limit placed on your dealings. ● subject to paragraph 15.12, our offer must be given to dealings by us during the Trading Hours for the applicable Underlying Asset or required of us by Applicable Law;
(f) you have benefitted from an unfair advantage or acted in an unfair or abusive manner in respect of which our systems, platforms or Accounts, for example:
(i) using any electronic device, software, algorithm or any trading strategy that aims to manipulate or take unfair advantage;
(ii) exploiting a fault, loophole or error in our software, system or platforms;
(iii) collusion; or
(iv) using trading strategies designed to return profits by taking advantage of latencies in a platform, delayed prices or through high volumes of Transactions opened and closed within an unusually short period of time as compared to the ‘average’ client and/or targeting tick fluctuations rather than movements reflecting the correct underlying prices; or
(g) it is reasonable for us to do so in order to protect us or the Trading Platform, provided we act reasonably.
13.8 If you offer are a legal entity, our Transactions with you may need to open or close be reported under the European Regulation on OTC Derivatives, Central Counterparties and Trade Repositories (648/2012), also known as EMIR. If they are required to be reported, we will generate the unique trade identifier in relation to each relevant Transaction. ● the internet connection or communications are not disrupted. ● there is no request of regulatory or supervisory authorities of Belarus or a court order to the contrary. ● the legality or genuineness of the Order is not under doubt. ● there are Normal Market Conditions; and ● any other reasonable factor that we, in our sole discretion, notify you from time to timePlease contact us for this information.
15.15. If13.9 To the extent you are a MiFID investment firm and are required to do so, before we will not transaction report on your offer to open or close behalf.
13.10 If you are a Transaction is accepted by uslegal entity, our quote moves to your advantage (for example, if the price goes down as you buy, or the price goes up as you sell) you agree that we can may in certain circumstances obtain a Legal Entity Identifier (but LEI) on your behalf. We may do not have to) pass such price improvement on to you. The effect of such action being that the level at which you offer to open or close a Transaction will, upon acceptance by us, be altered to the more favourable price. You acknowledge that this if we consider it is in your best interests for us to alter the level of your offer in the manner contemplated in this paragraph and you agree that any offer altered in accordance with this paragraph, once accepted by us, results in a fully binding agreement between us. Without derogating from the foregoing, you acknowledge that it is within our complete discretion as to when we will pass on a price improvement to you. You should also note that we will only pass on a price improvement within allowable limits.
15.16. Certain third-party companies may make available computerized solutions that facilitate the entry of trading orders or the execution of other activities on the Trading Platform (e.g. "trading robots") and/or allow for algorithm-based trading ("Robots" and/or "Robot Trading"). The use of any Robots and/or Robot Trading with the Trading Platform is in no way sanctioned by the Company and is at the Client's sole risk and responsibility. The Company makes no representations or warranties about the effectiveness, accuracy, functionality, performance, integrity, freedom-from-error or any other feature of any such Robots or Robot Trading solutions. Clients expressly acknowledge that the use of any Robots or engaging in Robot Trading is extremely risky and hereby absolve the company of liability for any damage caused as a result of the use of Robots and or Robot Trading. Any Transaction completed through the use of a Robot or through Robot Trading shall be considered to have been executed by the Client. The Company is under no obligation to facilitate the use of any Robot or to make available Robot Trading on the Trading Platform.
15.17. The Company is under no obligation, unless otherwise agreed in the Agreement, to monitor or advise the Client on the status of any Transaction or to close out any Client’s Open Positions. When the Company decides to do so, other than necessary in order to enforce the Negative Balance Protection, this will be done allow you to enter into Transactions with us. We may pass on a discretionary basis to you any charge we incur to obtain an LEI on your behalf and will not be considered we may charge you an undertaking of an obligation administration fee to continue. It is the Client’s responsibility to be aware of his positions at all timescover our costs.
15.18. If any Underlying Asset which 13.11 Where a situation arises that is a security becomes subject not contemplated by this Agreement you and we will resolve the matter using principles of good faith and fairness, guided both by normal market practices and the approach taken by our hedging counterparty with whom we have hedged our risk exposure to possible adjustments as a result of any of the events set out in section 15.19 (referred to as “Corporate Event”), the Company will determine the appropriate adjustment, if any, to be made to the opening/closing price, size, value and/or quantity of the corresponding Transaction (and also the level or size of the corresponding orders). This action is made in order to (i) account you for the diluting relevant Transaction or concentrating effect necessary to preserve the economic equivalent of the rights and obligations of the parties under that transaction immediately prior to that Corporate Event, and/or (ii) replicate the effect of the Corporate Event upon someone with an interest in the relevant Underlying Asset security, to be effective from the date determined by the CompanyTransactions.
15.19. The events to which paragraph 15.18 refers to are any of the following, by the declaration of the issuer of a security:
a. A subdivision, consolidation or reclassification of shares, a share buy-back or cancellation, or a free distribution of bonus shares to existing shareholders, capitalization or share split or reverse share split or similar event.
b. A distribution to existing holders of the shares or additional shares, other share capital or securities, granting the right to payment of dividends and/or proceeds from the liquidation of the issuer equally proportionate to such payments to holders of the underlying shares, securities, or warrants granting the right to receive or purchase shares for less than the current market price per share.
c. Any other event regarding shares analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of shares.
d. Any event analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of any security not based on shares.
e. Any event that is caused by a merger offer made regarding the company of the underlying asset.
15.20. If any Underlying Asset which is a security becomes subject to a specific risk resulting in a predicted fall in value, the Company reserves the right to restrict short selling or even withdraw the specific Underlying Asset from the Trading Platform.
15.21. Determination of any adjustment or amendment to the opening/closing price, size, value and/or quantity of the Transaction (and/or level or size of any order) shall be at the Company’s sole discretion and shall be conclusive and binding upon the Client. The Company shall inform the Client of any adjustment or amendment via its internal mail as soon as is reasonably practicable.
15.22. In the case where the Client deliberately attempts to take advantage of the fact that shares in a particular Spot Index going ex-dividend, the Company reserves the right to apply a dividend adjustment in the form of commission without prior notice or consent. In the case of short positions, the dividend adjustment will be debited from the client’s account where dividend adjustments = Index Dividend declared x position size in Lots.
Appears in 3 contracts
Samples: Terms of Business, Terms of Business, Terms of Business
GENERAL RULES OF TRADING. 15.1. Once you place an Order on the Trading Platform, the Company executes the said order by itself. It is understood that the Company executes the Client Orders in CFDs as principal to principal against the Client.
15.2. You acknowledge and agree that each Transaction conducted on the Trading Platform, including the placing of an Order, is comprised of first, an offer by you to us to complete a Transaction (whether such offer is to open a Transaction or close an open Transaction) at a certain price quoted on the Trading Platform, and our subsequent acceptance of your offer. A Transaction will be deemed to have been completed only when your offer has been received and accepted by us. Our acceptance of an offer will be evidenced by our confirmation of its terms to you and its completion.
15.3. We will be under no obligation to, but may in our absolute discretion, provide quotes for, or accept, execute or cancel, all or any part of a Transaction that you have requested through the Trading Platform without giving any reason. You may request to cancel or amend a Transaction at any time prior to our completing such a Transaction. We shall be entitled, but not obliged, to accept such a request in our sole discretion.
15.4. We reserve the right to void from the outset any Transaction containing or based on any Manifest Error. In the absence of our fraud or willful default, we will not be liable to you for any loss, cost, claim, demand or expense following any Manifest Error.
15.5. You acknowledge that all 13.1 All prices and Quotes shown on the Trading Platform are indicative only of actual trading prices in only, relate to Normal Market Size and are subject to constant change. The Company provides Quotes by taking into account change as the Underlying Asset price, but this does not mean that these Quotes are within any specific percentage of the Underlying Asset price. When the relevant Underlying Market is closed, the Quotes provided by the Company will reflect what the Company thinks to be the current Bid and Ask price of the relevant Underlying Asset at that timemarket changes.
15.6. 13.2 You shall must comply with any reasonable restrictions that we notify you of from time to time with respect to your activities on the Trading Platform, including without limitationlimitations on, and the size of of, Transactions and resultant Positions, or other conditions that may apply to our quote. You acknowledge that we may offer to and impose on each user, in our sole discretion, different terms and restrictions with respect to their use of the Trading Platform.
15.7. You acknowledge that the Trading Platform is independent of any Underlying Markets and we are under no obligation to quote a particular price or follow the trading rules consistent with such Underlying Markets. You further acknowledge that the triggering of your Transaction is linked to the prices we quote on the Trading Platform, not the prices quoted on the relevant Underlying Markets. In determining whether the prices quoted on the Trading Platform reach or exceed the price accepted by us in a Transaction, we will be entitled (but not obliged), in our absolute discretion, to disregard any prices quoted by us during any pre-market, post-market or intra-day auction periods in the relevant Underlying Markets, during any intra-day or other period of suspension in the relevant Underlying Markets, or during any other period that in our reasonable opinion may give rise to short-term price spikes or other distortions. Our prices may differ from the current prices on the relevant Underlying Markets and you acknowledge that a Transaction may be triggered even though: ● an Underlying Market never traded at the level of your Transaction; or ● the Underlying Market did trade at the level of your Transaction but for such a short period that it would have been impractical to execute an equivalent transaction on the Underlying Markets.
15.8. When you complete a Transaction on the Trading Platform, you agree that you are not dealing on a recognised exchange.
15.9. You undertake and agree not to use the prices quoted on the Trading Platform for any purpose other than for your own trading purpose, and you agree not to redistribute our prices to any other person whether such redistribution is for commercial or other purposes.
15.10. You acknowledge that each Transaction is made for a specified number of units that constitute the Underlying Asset. You may only complete Transactions on the Trading Platform for the minimum number of units as set forth on the Trading Platform as the "Unit Amount", and in multiples of such "Unit Amount" up until the maximum amount permitted by the Trading Platform. You acknowledge and agree that we may set, in our sole and absolute discretion, the "Unit Amount" for each Underlying Asset.
15.11. 13.3 Each Transaction opened or completed by you, and any Transaction completed, you will be binding on upon you notwithstanding that by even where, for example, in opening the Transaction you may have exceeded any credit or and/or other limit applicable to you or in respect of your dealings with us. It is noted however that the Company applies a Negative Balance Protection Policy pursuant to which, you may not lose more than the amount deposit on the Platform. In the event that a Position is closed at such price causing your equity to fall below zero, the Company shall waive its right to receive the balance from the Clientunless prohibited by Applicable Law.
15.12. Subject to paragraph 15.15 herein 13.4 We may monitor the status of any Transaction; make Margin Calls or advise you may request a quote to open that you are in breach of any Margin Requirements; or close any Transaction that you have opened, but we are not under any obligation, unless required by Applicable Law, to take such action and will not be responsible for any losses you incur as a Transaction for a particular Underlying Asset, at any time during the Trading Hours for such Underlying Asset. result of our action or inaction.
13.5 We will be under no obligation to but may, in our absolute discretion, may provide a quote and accept (and therefore act on on) your offer to open or close a Transaction for an Underlying Asset outside of the Trading Hours of such Underlying Assetfor an Instrument. In some cases, Transactions may can (and will) only be traded executed during the time when the relevant Underlying Market Exchange is open. Trading Hours are displayed on the Trading Platform under the details link open for each specific Underlying Assetbusiness. It is your responsibility to ensure you are aware of which Underlying Asset may be affectedthe trading hours for the Instruments you trade in.
15.13. Without prejudice to any 13.6 Trading strategies which involve the use of ultra-high speed or mass data entry must not be deployed without our right hereunderprior written consent, if, prior to the acceptance of which we may withhold at our discretion.
13.7 We may reject your Order offer to open or close a Transaction, we become aware that any of the factors set out in paragraph 15.14 herein have not been met, we reserve the right to reject your Order outright. If we have, nevertheless, already opened or closed a Transaction prior to becoming aware that a factor set out in paragraph 15.14 herein has not been met, we may, in our discretion, either treat such a Transaction as void from the outset unwind or close it at our then prevailing price. Howeverany Open Positions without notice, if we may, in our absolute discretion, allow you to open or, as the case may be, close the Transaction in which case you will be bound by the opening or closure of such Transaction, notwithstanding that the factors in paragraph 15.14 were not satisfied.reasonably believe:
15.14. The factors referred to in paragraph 15.13 include the following: ● the quote must be obtained via the Trading Platform or by such other means as we may from time to time notify you. ● (a) your offer to open or close the Transaction must be is given while the quote is still no longer valid. ● the ;
(b) our quote must not contain contains a Manifest Error. ● when you offer to open a Transaction, the number of units in respect of which ;
(c) the Transaction exceeds the maximum Order amount;
(d) the Order is placed in reliance on price latency opportunities including any Orders placed using API, or by attempting to be opened must be neither smaller than game or abuse the minimum unit amount specified system;
(e) you have insufficient funds available on your Account to cover the Trading Platform for the InstrumentMargin associated with an opening Transaction or maintaining an Open Position, as applicable, from time to time, nor greater than the amount permitted in accordance with the terms of this Agreement. ● when or you offer to close part but not all of an open Transaction both the part of the Transaction that you offer to close and the part that would remain open if we accepted your offer must not be smaller than the minimum unit amount specified on the Trading Platform. ● Force Majeure Event must not have occurred when you offer to open or close a Transaction. ● an Event of Default must not have occurred in respect of you. ● when you offer to open breach any Transaction, the opening of the Transaction must not result in your exceeding any initial or maintenance margin amount, credit or other limit placed on your dealings. ● subject to paragraph 15.12, our offer must be given to dealings by us during the Trading Hours for the applicable Underlying Asset or required of us by Applicable Law;
(f) you have benefitted from an unfair advantage or acted in an unfair or abusive manner in respect of which our systems, platforms or Accounts, for example:
(i) using any electronic device, software, algorithm or any trading strategy that aims to manipulate or take unfair advantage;
(ii) exploiting a fault, loophole or error in our software, system or platforms;
(iii) collusion; or
(iv) using trading strategies designed to return profits by taking advantage of latencies in a platform, delayed prices or through high volumes of Transactions opened and closed within an unusually short period of time as compared to the ‘average’ client and/or targeting tick fluctuations rather than movements reflecting the correct underlying prices; or
(g) it is reasonable for us to do so in order to protect us or the Trading Platform, provided we act reasonably.
13.8 If you offer are a legal entity, our Transactions with you may need to open or close be reported under the European Regulation on OTC Derivatives, Central Counterparties and Trade Repositories (648/2012), also known as EMIR. If they are required to be reported, we will generate the unique trade identifier in relation to each relevant Transaction. ● the internet connection or communications are not disrupted. ● there is no request of regulatory or supervisory authorities of Belarus or a court order to the contrary. ● the legality or genuineness of the Order is not under doubt. ● there are Normal Market Conditions; and ● any other reasonable factor that we, in our sole discretion, notify you from time to timePlease contact us for this information.
15.15. If13.9 To the extent you are a MiFID investment firm and are required to do so, before we will not transaction report on your offer to open or close behalf.
13.10 If you are a Transaction is accepted by uslegal entity, our quote moves to your advantage (for example, if the price goes down as you buy, or the price goes up as you sell) you agree that we can may in certain circumstances obtain a Legal Entity Identifier (but LEI) on your behalf. We may do not have to) pass such price improvement on to you. The effect of such action being that the level at which you offer to open or close a Transaction will, upon acceptance by us, be altered to the more favourable price. You acknowledge that this if we consider it is in your best interests for us to alter the level of your offer in the manner contemplated in this paragraph and you agree that any offer altered in accordance with this paragraph, once accepted by us, results in a fully binding agreement between us. Without derogating from the foregoing, you acknowledge that it is within our complete discretion as to when we will pass on a price improvement to you. You should also note that we will only pass on a price improvement within allowable limits.
15.16. Certain third-party companies may make available computerized solutions that facilitate the entry of trading orders or the execution of other activities on the Trading Platform (e.g. "trading robots") and/or allow for algorithm-based trading ("Robots" and/or "Robot Trading"). The use of any Robots and/or Robot Trading with the Trading Platform is in no way sanctioned by the Company and is at the Client's sole risk and responsibility. The Company makes no representations or warranties about the effectiveness, accuracy, functionality, performance, integrity, freedom-from-error or any other feature of any such Robots or Robot Trading solutions. Clients expressly acknowledge that the use of any Robots or engaging in Robot Trading is extremely risky and hereby absolve the company of liability for any damage caused as a result of the use of Robots and or Robot Trading. Any Transaction completed through the use of a Robot or through Robot Trading shall be considered to have been executed by the Client. The Company is under no obligation to facilitate the use of any Robot or to make available Robot Trading on the Trading Platform.
15.17. The Company is under no obligation, unless otherwise agreed in the Agreement, to monitor or advise the Client on the status of any Transaction or to close out any Client’s Open Positions. When the Company decides to do so, other than necessary in order to enforce the Negative Balance Protection, this will be done allow you to enter into Transactions with us. We may pass on a discretionary basis to you any charge we incur to obtain an LEI on your behalf and will not be considered we may charge you an undertaking of an obligation administration fee to continue. It is the Client’s responsibility to be aware of his positions at all timescover our costs.
15.18. If any Underlying Asset which 13.11 Where a situation arises that is a security becomes subject not contemplated by this Agreement you and we will resolve the matter using principles of good faith and fairness, guided both by normal market practices and the approach taken by our hedging counterparty with whom we have hedged our risk exposure to possible adjustments as a result of any of the events set out in section 15.19 (referred to as “Corporate Event”), the Company will determine the appropriate adjustment, if any, to be made to the opening/closing price, size, value and/or quantity of the corresponding Transaction (and also the level or size of the corresponding orders). This action is made in order to (i) account you for the diluting relevant Transaction or concentrating effect necessary to preserve the economic equivalent of the rights and obligations of the parties under that transaction immediately prior to that Corporate Event, and/or (ii) replicate the effect of the Corporate Event upon someone with an interest in the relevant Underlying Asset security, to be effective from the date determined by the CompanyTransactions.
15.19. The events to which paragraph 15.18 refers to are any of the following, by the declaration of the issuer of a security:
a. A subdivision, consolidation or reclassification of shares, a share buy-back or cancellation, or a free distribution of bonus shares to existing shareholders, capitalization or share split or reverse share split or similar event.
b. A distribution to existing holders of the shares or additional shares, other share capital or securities, granting the right to payment of dividends and/or proceeds from the liquidation of the issuer equally proportionate to such payments to holders of the underlying shares, securities, or warrants granting the right to receive or purchase shares for less than the current market price per share.
c. Any other event regarding shares analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of shares.
d. Any event analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of any security not based on shares.
e. Any event that is caused by a merger offer made regarding the company of the underlying asset.
15.20. If any Underlying Asset which is a security becomes subject to a specific risk resulting in a predicted fall in value, the Company reserves the right to restrict short selling or even withdraw the specific Underlying Asset from the Trading Platform.
15.21. Determination of any adjustment or amendment to the opening/closing price, size, value and/or quantity of the Transaction (and/or level or size of any order) shall be at the Company’s sole discretion and shall be conclusive and binding upon the Client. The Company shall inform the Client of any adjustment or amendment via its internal mail as soon as is reasonably practicable.
15.22. In the case where the Client deliberately attempts to take advantage of the fact that shares in a particular Spot Index going ex-dividend, the Company reserves the right to apply a dividend adjustment in the form of commission without prior notice or consent. In the case of short positions, the dividend adjustment will be debited from the client’s account where dividend adjustments = Index Dividend declared x position size in Lots.
Appears in 2 contracts
Samples: Terms of Business, Terms of Business
GENERAL RULES OF TRADING. 15.1. Once you place an Order on the Trading Platform, the Company executes the said order by itself. It is understood that the Company executes the Client Orders in CFDs as principal to principal against the Client.
15.2. You acknowledge and agree that each Transaction conducted on the Trading Platform, including the placing of an Order, is comprised of first, an offer by you to us to complete a Transaction (whether such offer is to open a Transaction or close an open Transaction) at a certain price quoted on the Trading Platform, and our subsequent acceptance of your offer. A Transaction will be deemed to have been completed only when your offer has been received and accepted by us. Our acceptance of an offer will be evidenced by our confirmation of its terms to you and its completion.
15.3. We will be under no obligation to, but may in our absolute discretion, provide quotes for, or accept, execute or cancel, all or any part of a Transaction that you have requested through the Trading Platform without giving any reason. You may request to cancel or amend a Transaction at any time prior to our completing such a Transaction. We shall be entitled, but not obliged, to accept such a request in our sole discretion.
15.4. We reserve the right to void from the outset any Transaction containing or based on any Manifest Error. In the absence of our fraud or willful default, we will not be liable to you for any loss, cost, claim, demand or expense following any Manifest Error.
15.5. You acknowledge that all 13.1 All prices and Quotes shown on the Trading Platform are indicative only of actual trading prices in only, relate to Normal Market Size and are subject to constant change. The Company provides Quotes by taking into account change as the Underlying Asset price, but this does not mean that these Quotes are within any specific percentage of the Underlying Asset price. When the relevant Underlying Market is closed, the Quotes provided by the Company will reflect what the Company thinks to be the current Bid and Ask price of the relevant Underlying Asset at that timemarket changes.
15.6. 13.2 You shall must comply with any reasonable restrictions that we notify you of from time to time with respect to your activities on the Trading Platform, including without limitationlimitations on, and the size of of, Transactions and resultant Positions, or other conditions that may apply to our quote. You acknowledge that we may offer to and impose on each user, in our sole discretion, different terms and restrictions with respect to their use of the Trading Platform.
15.7. You acknowledge that the Trading Platform is independent of any Underlying Markets and we are under no obligation to quote a particular price or follow the trading rules consistent with such Underlying Markets. You further acknowledge that the triggering of your Transaction is linked to the prices we quote on the Trading Platform, not the prices quoted on the relevant Underlying Markets. In determining whether the prices quoted on the Trading Platform reach or exceed the price accepted by us in a Transaction, we will be entitled (but not obliged), in our absolute discretion, to disregard any prices quoted by us during any pre-market, post-market or intra-day auction periods in the relevant Underlying Markets, during any intra-day or other period of suspension in the relevant Underlying Markets, or during any other period that in our reasonable opinion may give rise to short-term price spikes or other distortions. Our prices may differ from the current prices on the relevant Underlying Markets and you acknowledge that a Transaction may be triggered even though: ● an Underlying Market never traded at the level of your Transaction; or ● the Underlying Market did trade at the level of your Transaction but for such a short period that it would have been impractical to execute an equivalent transaction on the Underlying Markets.
15.8. When you complete a Transaction on the Trading Platform, you agree that you are not dealing on a recognised exchange.
15.9. You undertake and agree not to use the prices quoted on the Trading Platform for any purpose other than for your own trading purpose, and you agree not to redistribute our prices to any other person whether such redistribution is for commercial or other purposes.
15.10. You acknowledge that each Transaction is made for a specified number of units that constitute the Underlying Asset. You may only complete Transactions on the Trading Platform for the minimum number of units as set forth on the Trading Platform as the "Unit Amount", and in multiples of such "Unit Amount" up until the maximum amount permitted by the Trading Platform. You acknowledge and agree that we may set, in our sole and absolute discretion, the "Unit Amount" for each Underlying Asset.
15.11. 13.3 Each Transaction opened or completed by you, and any Transaction completed, you will be binding on upon you notwithstanding that by even where, for example, in opening the Transaction you may have exceeded any credit or and/or other limit applicable to you or in respect of your dealings with us. It is noted however that the Company applies a Negative Balance Protection Policy pursuant to which, you may not lose more than the amount deposit on the Platform. In the event that a Position is closed at such price causing your equity to fall below zero, the Company shall waive its right to receive the balance from the Clientunless prohibited by Applicable Law.
15.12. Subject to paragraph 15.15 herein 13.4 We may monitor the status of any Transaction; make Margin Calls or advise you may request a quote to open that you are in breach of any Margin Requirements; or close any Transaction that you have opened, but we are not under any obligation, unless required by Applicable Law, to take such action and will not be responsible for any losses you incur as a Transaction for a particular Underlying Asset, at any time during the Trading Hours for such Underlying Asset. result of our action or inaction.
13.5 We will be under no obligation to but may, in our absolute discretion, may provide a quote and accept (and therefore act on on) your offer to open or close a Transaction for an Underlying Asset outside of the Trading Hours of such Underlying Assetfor an Instrument. In some cases, Transactions may can (and will) only be traded executed during the time when the relevant Underlying Market Exchange is open. Trading Hours are displayed on the Trading Platform under the details link open for each specific Underlying Assetbusiness. It is your responsibility to ensure you are aware of which Underlying Asset may be affectedthe trading hours for the Instruments you trade in.
15.13. Without prejudice to any 13.6 Trading strategies which involve the use of ultra-high speed or mass data entry must not be deployed without our right hereunderprior written consent, if, prior to the acceptance of which we may withhold at our discretion.
13.7 We may reject your Order offer to open or close a Transaction, we become aware that any of the factors set out in paragraph 15.14 herein have not been met, we reserve the right to reject your Order outright. If we have, nevertheless, already opened or closed a Transaction prior to becoming aware that a factor set out in paragraph 15.14 herein has not been met, we may, in our discretion, either treat such a Transaction as void from the outset unwind or close it at our then prevailing price. Howeverany Open Positions without notice, if we may, in our absolute discretion, allow you to open or, as the case may be, close the Transaction in which case you will be bound by the opening or closure of such Transaction, notwithstanding that the factors in paragraph 15.14 were not satisfied.reasonably believe:
15.14. The factors referred to in paragraph 15.13 include the following: ● the quote must be obtained via the Trading Platform or by such other means as we may from time to time notify you. ● (a) your offer to open or close the Transaction must be is given while the quote is still no longer valid. ● the ;
(b) our quote must not contain contains a Manifest Error. ● when you offer to open a Transaction, the number of units in respect of which ;
(c) the Transaction exceeds the maximum Order amount;
(d) the Order is placed in reliance on price latency opportunities including any Orders placed using API, or by attempting to be opened must be neither smaller than game or abuse the minimum unit amount specified system;
(e) you have insufficient funds (which includes any bonuses and trading credits) available on your trading account to cover the Trading Platform for the InstrumentMargin associated with an opening Transaction or maintaining an Open Position, as applicable, from time to time, nor greater than the amount permitted in accordance with the terms of this Agreement. ● when or you offer to close part but not all of an open Transaction both the part of the Transaction that you offer to close and the part that would remain open if we accepted your offer must not be smaller than the minimum unit amount specified on the Trading Platform. ● Force Majeure Event must not have occurred when you offer to open or close a Transaction. ● an Event of Default must not have occurred in respect of you. ● when you offer to open breach any Transaction, the opening of the Transaction must not result in your exceeding any initial or maintenance margin amount, credit or other limit placed on your dealings. ● subject to paragraph 15.12, our offer must be given to dealings by us during the Trading Hours for the applicable Underlying Asset or required of us by Applicable Law;
(f) you have benefitted from an unfair advantage or acted in an unfair or abusive manner in respect of which you offer our systems, platforms or Accounts, for example:
(i) using any electronic device, software, algorithm or any trading strategy that aims to open manipulate or close take unfair advantage;
(ii) exploiting a fault, loophole or error in our software, system or platforms;
(iii) collusion; or
(iv) using trading strategies designed to return profits by taking advantage of latencies in a platform, delayed prices or through high volumes of Transactions opened and closed within an unusually short period of time as compared to the Transaction. ● ‘average’ client and/or targeting tick fluctuations rather than movements reflecting the internet connection or communications are not disrupted. ● there correct underlying prices; or
(g) it is no request of regulatory or supervisory authorities of Belarus or a court reasonable for us to do so in order to protect us or the contrary. ● the legality or genuineness of the Order is not under doubt. ● there are Normal Market Conditions; and ● any other reasonable factor that weTrading Platform, in our sole discretion, notify you from time to timeprovided we act reasonably.
15.15. If13.8 To the extent you are a MiFID investment firm and are required to do so, before we will not transaction report on your offer to open or close behalf.
13.9 If you are a Transaction is accepted by uslegal entity, our quote moves to your advantage (for example, if the price goes down as you buy, or the price goes up as you sell) you agree that we can may in certain circumstances obtain a Legal Entity Identifier (but LEI) on your behalf. We may do not have to) pass such price improvement on to you. The effect of such action being that the level at which you offer to open or close a Transaction will, upon acceptance by us, be altered to the more favourable price. You acknowledge that this if we consider it is in your best interests for us to alter the level of your offer in the manner contemplated in this paragraph and you agree that any offer altered in accordance with this paragraph, once accepted by us, results in a fully binding agreement between us. Without derogating from the foregoing, you acknowledge that it is within our complete discretion as to when we will pass on a price improvement to you. You should also note that we will only pass on a price improvement within allowable limits.
15.16. Certain third-party companies may make available computerized solutions that facilitate the entry of trading orders or the execution of other activities on the Trading Platform (e.g. "trading robots") and/or allow for algorithm-based trading ("Robots" and/or "Robot Trading"). The use of any Robots and/or Robot Trading with the Trading Platform is in no way sanctioned by the Company and is at the Client's sole risk and responsibility. The Company makes no representations or warranties about the effectiveness, accuracy, functionality, performance, integrity, freedom-from-error or any other feature of any such Robots or Robot Trading solutions. Clients expressly acknowledge that the use of any Robots or engaging in Robot Trading is extremely risky and hereby absolve the company of liability for any damage caused as a result of the use of Robots and or Robot Trading. Any Transaction completed through the use of a Robot or through Robot Trading shall be considered to have been executed by the Client. The Company is under no obligation to facilitate the use of any Robot or to make available Robot Trading on the Trading Platform.
15.17. The Company is under no obligation, unless otherwise agreed in the Agreement, to monitor or advise the Client on the status of any Transaction or to close out any Client’s Open Positions. When the Company decides to do so, other than necessary in order to enforce the Negative Balance Protection, this will be done allow you to enter into Transactions with us. We may pass on a discretionary basis to you any charge we incur to obtain an LEI on your behalf and will not be considered we may charge you an undertaking of an obligation administration fee to continue. It is the Client’s responsibility to be aware of his positions at all timescover our costs.
15.18. If any Underlying Asset which 13.10 Where a situation arises that is a security becomes subject not contemplated by this Agreement you and we will resolve the matter using principles of good faith and fairness, guided both by normal market practices and the approach taken by our hedging counterparty with whom we have hedged our risk exposure to possible adjustments as a result of any of the events set out in section 15.19 (referred to as “Corporate Event”), the Company will determine the appropriate adjustment, if any, to be made to the opening/closing price, size, value and/or quantity of the corresponding Transaction (and also the level or size of the corresponding orders). This action is made in order to (i) account you for the diluting relevant Transaction or concentrating effect necessary to preserve the economic equivalent of the rights and obligations of the parties under that transaction immediately prior to that Corporate Event, and/or (ii) replicate the effect of the Corporate Event upon someone with an interest in the relevant Underlying Asset security, to be effective from the date determined by the CompanyTransactions.
15.19. The events to which paragraph 15.18 refers to are any of the following, by the declaration of the issuer of a security:
a. A subdivision, consolidation or reclassification of shares, a share buy-back or cancellation, or a free distribution of bonus shares to existing shareholders, capitalization or share split or reverse share split or similar event.
b. A distribution to existing holders of the shares or additional shares, other share capital or securities, granting the right to payment of dividends and/or proceeds from the liquidation of the issuer equally proportionate to such payments to holders of the underlying shares, securities, or warrants granting the right to receive or purchase shares for less than the current market price per share.
c. Any other event regarding shares analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of shares.
d. Any event analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of any security not based on shares.
e. Any event that is caused by a merger offer made regarding the company of the underlying asset.
15.20. If any Underlying Asset which is a security becomes subject to a specific risk resulting in a predicted fall in value, the Company reserves the right to restrict short selling or even withdraw the specific Underlying Asset from the Trading Platform.
15.21. Determination of any adjustment or amendment to the opening/closing price, size, value and/or quantity of the Transaction (and/or level or size of any order) shall be at the Company’s sole discretion and shall be conclusive and binding upon the Client. The Company shall inform the Client of any adjustment or amendment via its internal mail as soon as is reasonably practicable.
15.22. In the case where the Client deliberately attempts to take advantage of the fact that shares in a particular Spot Index going ex-dividend, the Company reserves the right to apply a dividend adjustment in the form of commission without prior notice or consent. In the case of short positions, the dividend adjustment will be debited from the client’s account where dividend adjustments = Index Dividend declared x position size in Lots.
Appears in 2 contracts
Samples: Retail Clients Terms of Business, Retail Clients Terms of Business
GENERAL RULES OF TRADING. 15.1. Once you place an Order on the Trading Platform, the Company executes the said order by itself. It is understood that the Company executes the Client Orders in CFDs as principal to principal against the Client.
15.2. You acknowledge and agree that each Transaction conducted on the Trading Platform, including the placing of an Order, is comprised of first, an offer by you to us to complete a Transaction (whether such offer is to open a Transaction or close an open Transaction) at a certain price quoted on the Trading Platform, and our subsequent acceptance of your offer. A Transaction will be deemed to have been completed only when your offer has been received and accepted by us. Our acceptance of an offer will be evidenced by our confirmation of its terms to you and its completion.
15.3. We will be under no obligation to, but may in our absolute discretion, provide quotes for, or accept, execute or cancel, all or any part of a Transaction that you have requested through the Trading Platform without giving any reason. You may request to cancel or amend a Transaction at any time prior to our completing such a Transaction. We shall be entitled, but not obliged, to accept such a request in our sole discretion.
15.4. We reserve the right to void from the outset any Transaction containing or based on any Manifest Error. In the absence of our fraud or willful default, we will not be liable to you for any loss, cost, claim, demand or expense following any Manifest Error.
15.5. You acknowledge that all 13.1 All prices and Quotes shown on the Trading Platform are indicative only of actual trading prices in only, relate to Normal Market Size and are subject to constant change. The Company provides Quotes by taking into account change as the Underlying Asset price, but this does not mean that these Quotes are within any specific percentage of the Underlying Asset price. When the relevant Underlying Market is closed, the Quotes provided by the Company will reflect what the Company thinks to be the current Bid and Ask price of the relevant Underlying Asset at that timemarket changes.
15.6. 13.2 You shall must comply with any reasonable restrictions that we notify you of from time to time with respect to your activities on the Trading Platform, including without limitationlimitations on, and the size of of, Transactions and resultant Positions, or other conditions that may apply to our quote. You acknowledge that we may offer to and impose on each user, in our sole discretion, different terms and restrictions with respect to their use of the Trading Platform.
15.7. You acknowledge that the Trading Platform is independent of any Underlying Markets and we are under no obligation to quote a particular price or follow the trading rules consistent with such Underlying Markets. You further acknowledge that the triggering of your Transaction is linked to the prices we quote on the Trading Platform, not the prices quoted on the relevant Underlying Markets. In determining whether the prices quoted on the Trading Platform reach or exceed the price accepted by us in a Transaction, we will be entitled (but not obliged), in our absolute discretion, to disregard any prices quoted by us during any pre-market, post-market or intra-day auction periods in the relevant Underlying Markets, during any intra-day or other period of suspension in the relevant Underlying Markets, or during any other period that in our reasonable opinion may give rise to short-term price spikes or other distortions. Our prices may differ from the current prices on the relevant Underlying Markets and you acknowledge that a Transaction may be triggered even though: ● an Underlying Market never traded at the level of your Transaction; or ● the Underlying Market did trade at the level of your Transaction but for such a short period that it would have been impractical to execute an equivalent transaction on the Underlying Markets.
15.8. When you complete a Transaction on the Trading Platform, you agree that you are not dealing on a recognised exchange.
15.9. You undertake and agree not to use the prices quoted on the Trading Platform for any purpose other than for your own trading purpose, and you agree not to redistribute our prices to any other person whether such redistribution is for commercial or other purposes.
15.10. You acknowledge that each Transaction is made for a specified number of units that constitute the Underlying Asset. You may only complete Transactions on the Trading Platform for the minimum number of units as set forth on the Trading Platform as the "Unit Amount", and in multiples of such "Unit Amount" up until the maximum amount permitted by the Trading Platform. You acknowledge and agree that we may set, in our sole and absolute discretion, the "Unit Amount" for each Underlying Asset.
15.11. 13.3 Each Transaction opened or completed by you, and any Transaction completed, you will be binding on upon you notwithstanding that by even where, for example, in opening the Transaction you may have exceeded any credit or and/or other limit applicable to you or in respect of your dealings with us. It is noted however that the Company applies a Negative Balance Protection Policy pursuant to which, you may not lose more than the amount deposit on the Platform. In the event that a Position is closed at such price causing your equity to fall below zero, the Company shall waive its right to receive the balance from the Clientunless prohibited by Applicable Law.
15.12. Subject to paragraph 15.15 herein 13.4 We may monitor the status of any Transaction; make Margin Calls or advise you may request a quote to open that you are in breach of any Margin Requirements; or close any Transaction that you have opened, but we are not under any obligation, unless required by Applicable Law, to take such action and will not be responsible for any losses you incur as a Transaction for a particular Underlying Asset, at any time during the Trading Hours for such Underlying Asset. result of our action or inaction.
13.5 We will be under no obligation to but may, in our absolute discretion, may provide a quote and accept (and therefore act on on) your offer to open or close a Transaction for an Underlying Asset outside of the Trading Hours of such Underlying Assetfor an Instrument. In some cases, Transactions may can (and will) only be traded executed during the time when the relevant Underlying Market Exchange is open. Trading Hours are displayed on the Trading Platform under the details link open for each specific Underlying Assetbusiness. It is your responsibility to ensure you are aware of which Underlying Asset may be affectedthe trading hours for the Instruments you trade in.
15.13. Without prejudice to any 13.6 Trading strategies which involve the use of ultra-high speed or mass data entry must not be deployed without our right hereunderprior written consent, if, prior to the acceptance of which we may withhold at our discretion.
13.7 We may reject your Order offer to open or close a Transaction, we become aware that any of the factors set out in paragraph 15.14 herein have not been met, we reserve the right to reject your Order outright. If we have, nevertheless, already opened or closed a Transaction prior to becoming aware that a factor set out in paragraph 15.14 herein has not been met, we may, in our discretion, either treat such a Transaction as void from the outset unwind or close it at our then prevailing price. Howeverany Open Positions without notice, if we may, in our absolute discretion, allow you to open or, as the case may be, close the Transaction in which case you will be bound by the opening or closure of such Transaction, notwithstanding that the factors in paragraph 15.14 were not satisfied.reasonably believe:
15.14. The factors referred to in paragraph 15.13 include the following: ● the quote must be obtained via the Trading Platform or by such other means as we may from time to time notify you. ● (a) your offer to open or close the Transaction must be is given while the quote is still no longer valid. ● the ;
(b) our quote must not contain contains a Manifest Error. ● when you offer to open a Transaction, the number of units in respect of which ;
(c) the Transaction exceeds the maximum Order amount;
(d) the Order is placed in reliance on price latency opportunities including any Orders placed using API, or by attempting to be opened must be neither smaller than game or abuse the minimum unit amount specified system;
(e) you have insufficient funds (which includes any bonuses and trading credits)available on your trading account to cover the Trading Platform for the InstrumentMargin associated with an opening Transaction or maintaining an Open Position, as applicable, from time to time, nor greater than the amount permitted in accordance with the terms of this Agreement. ● when or you offer to close part but not all of an open Transaction both the part of the Transaction that you offer to close and the part that would remain open if we accepted your offer must not be smaller than the minimum unit amount specified on the Trading Platform. ● Force Majeure Event must not have occurred when you offer to open or close a Transaction. ● an Event of Default must not have occurred in respect of you. ● when you offer to open breach any Transaction, the opening of the Transaction must not result in your exceeding any initial or maintenance margin amount, credit or other limit placed on your dealingsdealings by us or required of us by Applicable Law;
(f) the sum of funds on your account and unrealised losses and profits, have fallen to less than a certain percentage of the sum of any bonus and trading credit. ● subject The percentage will have been advised via an email communication at the time that the bonus and/ or trading credit was applied to paragraph 15.12, our offer must be given to us during your account and is available on the Trading Hours for the applicable Underlying Asset website.
(g) you have benefitted from an unfair advantage or acted in an unfair or abusive manner in respect of which you offer our systems, platforms or Accounts, for example:
(i) using any electronic device, software, algorithm or any trading strategy that aims to open manipulate or close take unfair advantage;
(ii) exploiting a fault, loophole or error in our software, system or platforms;
(iii) collusion; or
(iv) using trading strategies designed to return profits by taking advantage of latencies in a platform, delayed prices or through high volumes of Transactions opened and closed within an unusually short period of time as compared to the Transaction. ● ‘average’ client and/or targeting tick fluctuations rather than movements reflecting the internet connection or communications are not disrupted. ● there correct underlying prices; or
(h) it is no request of regulatory or supervisory authorities of Belarus or a court reasonable for us to do so in order to protect us or the contrary. ● the legality or genuineness of the Order is not under doubt. ● there are Normal Market Conditions; and ● any other reasonable factor that weTrading Platform, in our sole discretion, notify you from time to timeprovided we act reasonably.
15.15. If13.8 To the extent you are a MiFID investment firm and are required to do so, before we will not transaction report on your offer to open or close behalf.
13.9 If you are a Transaction is accepted by uslegal entity, our quote moves to your advantage (for example, if the price goes down as you buy, or the price goes up as you sell) you agree that we can may in certain circumstances obtain a Legal Entity Identifier (but LEI) on your behalf. We may do not have to) pass such price improvement on to you. The effect of such action being that the level at which you offer to open or close a Transaction will, upon acceptance by us, be altered to the more favourable price. You acknowledge that this if we consider it is in your best interests for us to alter the level of your offer in the manner contemplated in this paragraph and you agree that any offer altered in accordance with this paragraph, once accepted by us, results in a fully binding agreement between us. Without derogating from the foregoing, you acknowledge that it is within our complete discretion as to when we will pass on a price improvement to you. You should also note that we will only pass on a price improvement within allowable limits.
15.16. Certain third-party companies may make available computerized solutions that facilitate the entry of trading orders or the execution of other activities on the Trading Platform (e.g. "trading robots") and/or allow for algorithm-based trading ("Robots" and/or "Robot Trading"). The use of any Robots and/or Robot Trading with the Trading Platform is in no way sanctioned by the Company and is at the Client's sole risk and responsibility. The Company makes no representations or warranties about the effectiveness, accuracy, functionality, performance, integrity, freedom-from-error or any other feature of any such Robots or Robot Trading solutions. Clients expressly acknowledge that the use of any Robots or engaging in Robot Trading is extremely risky and hereby absolve the company of liability for any damage caused as a result of the use of Robots and or Robot Trading. Any Transaction completed through the use of a Robot or through Robot Trading shall be considered to have been executed by the Client. The Company is under no obligation to facilitate the use of any Robot or to make available Robot Trading on the Trading Platform.
15.17. The Company is under no obligation, unless otherwise agreed in the Agreement, to monitor or advise the Client on the status of any Transaction or to close out any Client’s Open Positions. When the Company decides to do so, other than necessary in order to enforce the Negative Balance Protection, this will be done allow you to enter into Transactions with us. We may pass on a discretionary basis to you any charge we incur to obtain an LEI on your behalf and will not be considered we may charge you an undertaking of an obligation administration fee to continue. It is the Client’s responsibility to be aware of his positions at all timescover our costs.
15.18. If any Underlying Asset which 13.10 Where a situation arises that is a security becomes subject not contemplated by this Agreement you and we will resolve the matter using principles of good faith and fairness, guided both by normal market practices and the approach taken by our hedging counterparty with whom we have hedged our risk exposure to possible adjustments as a result of any of the events set out in section 15.19 (referred to as “Corporate Event”), the Company will determine the appropriate adjustment, if any, to be made to the opening/closing price, size, value and/or quantity of the corresponding Transaction (and also the level or size of the corresponding orders). This action is made in order to (i) account you for the diluting relevant Transaction or concentrating effect necessary to preserve the economic equivalent of the rights and obligations of the parties under that transaction immediately prior to that Corporate Event, and/or (ii) replicate the effect of the Corporate Event upon someone with an interest in the relevant Underlying Asset security, to be effective from the date determined by the CompanyTransactions.
15.19. The events to which paragraph 15.18 refers to are any of the following, by the declaration of the issuer of a security:
a. A subdivision, consolidation or reclassification of shares, a share buy-back or cancellation, or a free distribution of bonus shares to existing shareholders, capitalization or share split or reverse share split or similar event.
b. A distribution to existing holders of the shares or additional shares, other share capital or securities, granting the right to payment of dividends and/or proceeds from the liquidation of the issuer equally proportionate to such payments to holders of the underlying shares, securities, or warrants granting the right to receive or purchase shares for less than the current market price per share.
c. Any other event regarding shares analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of shares.
d. Any event analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of any security not based on shares.
e. Any event that is caused by a merger offer made regarding the company of the underlying asset.
15.20. If any Underlying Asset which is a security becomes subject to a specific risk resulting in a predicted fall in value, the Company reserves the right to restrict short selling or even withdraw the specific Underlying Asset from the Trading Platform.
15.21. Determination of any adjustment or amendment to the opening/closing price, size, value and/or quantity of the Transaction (and/or level or size of any order) shall be at the Company’s sole discretion and shall be conclusive and binding upon the Client. The Company shall inform the Client of any adjustment or amendment via its internal mail as soon as is reasonably practicable.
15.22. In the case where the Client deliberately attempts to take advantage of the fact that shares in a particular Spot Index going ex-dividend, the Company reserves the right to apply a dividend adjustment in the form of commission without prior notice or consent. In the case of short positions, the dividend adjustment will be debited from the client’s account where dividend adjustments = Index Dividend declared x position size in Lots.
Appears in 1 contract
Samples: Retail Clients Terms of Business
GENERAL RULES OF TRADING. 15.1. Once you place an Order on the Trading Platform, the Company executes the said order by itself. It is understood that the Company executes the Client Orders in CFDs as principal to principal against the Client.
15.2. 15.1 You acknowledge and agree that each Transaction conducted on the Trading Platform, including the placing of an Order, is comprised of first, an offer by you to us to complete a Transaction (whether such offer is to open a Transaction or close an open Transaction) at a certain price quoted on the Trading Platform, and secondly, our subsequent acceptance of your offer. A Transaction will be deemed to have been completed only when your offer has been received and accepted by us. Our acceptance of an offer will be evidenced by our confirmation of its terms to you and its completion.
15.3. 15.2 We will be under no obligation to, but may in our absolute discretion, provide quotes for, or accept, execute or cancel, all or any part of a Transaction that you have requested through the Trading Platform without giving any reason. You may request to cancel or amend a Transaction at any time prior to our completing such a Transaction. We shall be entitled, but not obliged, to accept such a request in our sole discretion.
15.415.3 Any Financial Data, prices, or other information available to you on the Site or the Trading Platform or offered by us in any other form or by any other means whatsoever (“Content”), is provided as general market commentary and does not constitute investment advice. Such Content is subject to change at any time without notice. Whilst we do take reasonable measures to ensure the accuracy of such information, we will not accept liability for any loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
15.4 We reserve the right to void from the outset any Transaction containing or based on any Manifest Error. In the absence of our fraud or willful default, we will not be liable to you for any loss, cost, claim, demand or expense following any Manifest Error.
15.5. 15.5 You acknowledge that all prices and Quotes shown quoted on the Trading Platform are indicative only of actual trading prices for underlying Instruments in Normal Market Size and are subject to constant change. The Company provides Quotes by taking into account the Underlying Asset price, but this does not mean that these Quotes are within any specific percentage of the Underlying Asset price. When the relevant Underlying Market is closed, the Quotes provided by the Company will reflect what the Company thinks to be the current Bid and Ask price of the relevant Underlying Asset at that time.
15.6. 15.6 You shall comply with any restrictions that we notify to you from time to time with respect to your activities on the Trading Platform, including without limitation, the size of Transactions or other conditions that may apply to our quote. You acknowledge that we may offer to and impose on each useruser of the Trading Platform, in our sole discretion, different terms and restrictions with respect to their use of the Trading Platform.
15.7. 15.7 You acknowledge that whilst the prices quoted on our Trading Platform is independent of will take into account market data from various sources, they are not taken directly from any Underlying Markets one source, and we are under no obligation to quote a particular price or follow the trading rules consistent with such Underlying Marketstherefore may not match prices that you see elsewhere (including prices quoted on stock exchanges). You further acknowledge that the triggering of your Transaction is linked to the prices we quote on the Trading Platform, not the prices quoted on the relevant Underlying MarketsExchanges. In determining whether We attempt to generate prices on an ongoing basis and to have the currently applicable prices quoted displayed on the Trading Platform reach as quickly as possible. However, technical conditions (e.g., the transfer rate of data networks or exceed the quality of your internet connection, as well as rapid market fluctuations) may lead to a change in the applicable price accepted between the time the Order is placed by you and the time the Order is received by us in a Transactionor the Order is executed by the Trading Platform. In addition, we there will be entitled (but not obliged), in our absolute discretion, to disregard any times when circumstances may prevent the Trading Platform from quoting prices quoted by us during any pre-market, post-market or intra-day auction periods in affect the relevant Underlying Markets, during any intra-day or other period of suspension in the relevant Underlying Markets, or during any other period that in our reasonable opinion may give rise to short-term price spikes or other distortionsprices being quoted. Our prices may differ from the current prices for the underlying Instrument on the relevant Underlying Markets Exchanges and you acknowledge that a Transaction may be triggered even though: ● an Underlying Market :
15.7.1 An Exchange never traded underlying Instrument at the level of your Transaction; or ● the Underlying Market or
15.7.2 The Exchange did trade underlying Instrument at the level of your Transaction but for such a short period that it would have been impractical to execute an equivalent transaction on the Underlying MarketsExchange.
15.8. 15.8 When you complete a Transaction on the Trading Platform, you agree that you are dealing with us as principal, off-exchange and are not dealing on a recognised exchangethe Exchange.
15.915.8.1 You acknowledge that when you open a Transaction on the Trading Platform you are trading with CFDs, which means that you enter into a contract with us for the difference between the value of an Instrument as specified on the Trading Platform at the time of opening a Transaction, and the value of such Instrument at the time of closing the Transaction. You acknowledge and agree that you are not entitled to ownership of the underlying asset of such a contract (for example the actual shares or the rights offered in a “rights issue” event or the shares offered in an options contract).
15.9 You acknowledge that any prices quoted on the Trading Platform are set by us in our reasonable discretion, taking into account a variety of factors including prevailing market conditions and trading demand on the Trading Platform. You also acknowledge that the prices quoted on the Trading Platform may diverge significantly from any current Exchange or market price, or a competitor’s price for the underlying Instrument.
15.9.1 You undertake and agree not to use the prices quoted on the Trading Platform for any purpose other than for your own trading purpose, and you agree not to redistribute our prices to any other person whether such redistribution is for commercial or other purposes.
15.1015.9.2 There may be a link on the trading screen of the Trading Platform to prices on the relevant Exchange on which the underlying Instrument is traded. Where the underlying Instrument is not traded on a specific exchange, there is a link to Yahoo Finance/ Google Finance for illustrative purposes only. Please be aware however that as these prices are provided via newswires there is often a significant time delay and they should only be referred to as a research tool.
15.10 You acknowledge that each Transaction is made for a specified number of units that constitute the Underlying Assetunderlying Instrument. You may only complete Transactions on the Trading Platform for the minimum number of units as set forth on the Trading Platform as the "“Unit Amount"”, and in multiples of such "“Unit Amount" ” up until the maximum amount permitted by the Trading Platform. You acknowledge and agree that we may set, in our sole and absolute discretion, the "“Unit Amount" ” for each Underlying AssetInstrument.
15.11. 15.11 Each Transaction opened by you, and any Transaction completed, will be binding on you notwithstanding that by opening the Transaction you may have exceeded any credit or other limit applicable to you or in respect of your dealings with us. It is noted however that the Company applies a Negative Balance Protection Policy pursuant to which, you may not lose more than the amount deposit on the Platform. In the event that a Position is closed at such price causing your equity to fall below zero, the Company shall waive its right to receive the balance from the Client.
15.12. 15.12 Subject to paragraph Section 15.15 herein you may request a quote to open or close a Transaction for a particular Underlying AssetInstrument, at any time during the Trading Hours for such Underlying AssetInstrument. We will be under no obligation to but may, in our absolute discretion, provide a quote and accept and act on your offer to open or close a Transaction for an Underlying Asset Instrument outside of the Trading Hours of such Underlying AssetInstrument. In some cases, Transactions may only be traded during the time when the relevant Underlying Market exchange where the Instrument is traded is open. Our Trading Hours are displayed on the Trading Platform under the details link for each specific Underlying AssetInstrument which may or may not be the same as the Trading Hours of the relevant Exchange. It You acknowledge that it is your responsibility to ensure you are aware of which Underlying Asset Instrument may be affectedaffected by differences in the Trading Hours for a particular Instrument compared to the Trading Hours of the relevant Exchange for the relevant Instrument.
15.13. 15.13 Without prejudice to any of our right hereunderderogating from Section 10.4, if, prior to the acceptance of your Order offer to open or close a Transaction, we become aware that any of the factors set out in paragraph Section 15.14 herein have not been met, we reserve the right to reject your Order offer outright. If we have, nevertheless, already opened or closed a Transaction prior to becoming aware that a factor set out in paragraph Section 15.14 herein has not been met, we may, in our absolute discretion, either treat such a Transaction as void from the outset or close it at our then prevailing priceprice quoted on the Trading Platform. However, we may, in our absolute discretion, allow you to open or, as the case may be, close the Transaction in which case you will be bound by the opening or closure of such Transaction, notwithstanding that the factors in paragraph Section 15.14 were not satisfied.
15.14. 15.14 The factors referred to in paragraph Section 15.13 include the following: ● the :
15.14.1 The quote must be obtained via the Trading Platform or by such other means as we may from time to time notify you. ● your ;
15.14.2 Your offer to open or close the Transaction must be given while the quote is still valid. ● the ;
15.14.3 The quote must not contain a Manifest Error. ● ;
15.14.4 when you offer to open a Transaction, the number of units in respect of which the Transaction is to be opened must be neither smaller than the minimum unit amount specified on the Trading Platform for the Instrument, as applicable, from time to time, nor greater than the amount permitted in accordance with the terms of this User Agreement. ● ;
15.14.5 when you offer to close part but not all of an open Transaction both the part of the Transaction that you offer to close and the part that would remain open if we accepted your offer must not be smaller than the minimum unit amount specified on the Trading Platform. ● ;
15.14.6 A Force Majeure Event must not have occurred when as described in Section 16.1;
15.14.7 When you offer to open or close a Transaction. ● Transaction an Event of Default must not have occurred in respect of you. ● ;
15.14.8 when you offer to open any Transaction, the opening of the Transaction must not result in your exceeding any initial or maintenance margin Margin amount, credit or other limit placed on your dealings. ● ;
15.14.9 subject to paragraph Section 15.12, our your offer must be given to us during the Trading Hours for the applicable Underlying Asset Instrument in respect of which you offer to open or close the Transaction. ● the internet connection or communications are not disrupted. ● there is no request of regulatory or supervisory authorities of Belarus or a court order to the contrary. ● the legality or genuineness of the Order is not under doubt. ● there are Normal Market Conditions; and ● any and
15.14.10 Any other reasonable factor that we, in our sole discretion, notify you from time to time.
15.15. 15.15 If, before your offer to open or close a Transaction is accepted by us, our quote moves to your advantage (for example, if the price goes down as you buy, buy or the price goes up as you sell) you agree that we can (but do not have to) pass such price improvement on to you. The effect of such action being that the level at which you offer to open or close a Transaction will, upon acceptance by us, be altered to the more favourable price. You acknowledge that it is in your best interests for us to alter the level of your offer in the manner contemplated in this paragraph Section and you agree that any offer altered in accordance with this paragraphSection, once accepted by us, results in a fully binding agreement between us. Without derogating from the foregoing, you acknowledge that it is within our complete discretion as to when we will pass on a price improvement to you. You should also note that we will only pass on a price improvement within allowable limits.
15.16. Certain third-party companies may make available computerized solutions that facilitate the entry of trading orders or the execution of other activities on the Trading Platform (e.g. "trading robots") and/or allow for algorithm-based trading ("Robots" and/or "Robot Trading"). The use 15.16 Use of any Robots and/or Robot Trading robots, spiders or other automated data entry system with the Trading Platform is in no way sanctioned expressly prohibited. All Transactions must be completed manually by the Company and is at the Client's sole risk and responsibility. The Company makes no representations or warranties about the effectiveness, accuracy, functionality, performance, integrity, freedom-from-error or any other feature of any such Robots or Robot Trading solutions. Clients expressly acknowledge that the use of any Robots or engaging in Robot Trading is extremely risky and hereby absolve the company of liability for any damage caused as a result of the use of Robots and or Robot Tradingyou. Any Transaction completed through the such use of a Robot or through Robot Trading an automatic data entry system shall be considered to have been executed by the Clientnull and void. The Company is under no obligation to facilitate the use Upon a breach of this Section 15.16, we may immediately close all or any Robot or to make available Robot of your Trading on the Trading Platform.
15.17. The Company is under no obligationAccounts held with us of whatever nature, unless otherwise agreed in the Agreement, to monitor or advise terminate the Client on the status of Agreements without notice and refuse to enter into further Transactions with you. Furthermore, any Transaction or monies held in your Trading Account shall be frozen and we shall be entitled to close out deduct any Client’s Open Positions. When the Company decides to do so, other than amounts from your Trading Account in order to enforce the Negative Balance Protectionset off any loss, this will be done on a discretionary basis and will not be considered an undertaking of an obligation to continue. It is the Client’s responsibility to be aware of his positions at all times.
15.18. If any Underlying Asset which is a security becomes subject to possible adjustments damages or expenses incurred by us as a result of a breach of this Section. Any remaining monies in your Trading Account will be returned to you in accordance with Section 22.10.
15.17 If you have more than one Trading Account with us, each Trading Account can be treated entirely separately by us. Therefore, any credit on one Account (including amounts deposited as Margin) will not discharge your liabilities in respect of any other Account. This does not derogate from any other rights we may have if Unacceptable Trading Circumstances exist. It is your responsibility to ensure the required level of Margin is in place for each Trading Account separately.
15.18 Opening of more than one Trading Account is not allowed by us. You acknowledge that in an event that you opened more than one Trading Account, we will be entitled to exercise our right of terminating one and or any of the events set out in section 15.19 (referred your accounts. We can also decide to as “Corporate Event”), the Company will determine the appropriate adjustment, if any, to be made to the opening/closing price, size, value and/or quantity treat all of the corresponding Transaction (and also the level or size of the corresponding orders). This action is made in order to (i) account for the diluting or concentrating effect necessary to preserve the economic equivalent of the rights and obligations of the parties under that transaction immediately prior to that Corporate Eventaccounts as connected account, and/or (ii) replicate the effect of the Corporate Event upon someone with an interest in the relevant Underlying Asset security, to be effective from the date determined operated by the Companyone customer.
15.19. The events to which paragraph 15.18 refers to are any of the following, by the declaration of the issuer of a security:
a. A subdivision, consolidation or reclassification of shares, a share buy-back or cancellation, or a free distribution of bonus shares to existing shareholders, capitalization or share split or reverse share split or similar event.
b. A distribution to existing holders of the shares or additional shares, other share capital or securities, granting the right to payment of dividends and/or proceeds from the liquidation of the issuer equally proportionate to such payments to holders of the underlying shares, securities, or warrants granting the right to receive or purchase shares for less than the current market price per share.
c. Any other event regarding shares analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of shares.
d. Any event analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of any security not based on shares.
e. Any event that is caused by a merger offer made regarding the company of the underlying asset.
15.20. If any Underlying Asset which is a security becomes subject to a specific risk resulting in a predicted fall in value, the Company reserves the right to restrict short selling or even withdraw the specific Underlying Asset from the Trading Platform.
15.21. Determination of any adjustment or amendment to the opening/closing price, size, value and/or quantity of the Transaction (and/or level or size of any order) shall be at the Company’s sole discretion and shall be conclusive and binding upon the Client. The Company shall inform the Client of any adjustment or amendment via its internal mail as soon as is reasonably practicable.
15.22. In the case where the Client deliberately attempts to take advantage of the fact that shares in a particular Spot Index going ex-dividend, the Company reserves the right to apply a dividend adjustment in the form of commission without prior notice or consent. In the case of short positions, the dividend adjustment will be debited from the client’s account where dividend adjustments = Index Dividend declared x position size in Lots.
Appears in 1 contract
Samples: User Agreement
GENERAL RULES OF TRADING. 15.1. Once you place an Order on the Trading Platform, the Company executes the said order by itself. It is understood that the Company executes the Client Orders in CFDs as principal to principal against the Client.
15.2. 15.1 You acknowledge and agree that each Transaction conducted on the Trading Platform, including the placing of an Order, is comprised of first, an offer by you to us to complete a Transaction (whether such offer is to open a Transaction or close an open Transaction) at a certain price quoted on the Trading PlatformPlatform and, and secondly, our subsequent acceptance of your offer. A Transaction will be deemed to have been completed only when your offer has been received and accepted by us. Our acceptance of an offer will be evidenced by our confirmation of its terms to you and its completion.
15.3. 15.2 We will be under no obligation to, but may in our absolute discretion, provide quotes for, or accept, execute or cancel, all or any part of a Transaction that you have requested through the Trading Platform without giving any reason. You may request to cancel or amend a Transaction at any time prior to our completing such a Transaction. We shall be entitled, but not obliged, to accept such a request in our sole discretion.
15.415.3 Any Financial Data, prices, or other information available to you on the Site or the Trading Platform or offered by us in any other form or by any other means whatsoever (“Content”), is provided as general market commentary and does not constitute investment advice. Furthermore, such Content is subject to change at any time without notice. Whilst we do take reasonable measures to ensure the accuracy of such information, we will not accept liability for any loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
15.4 We reserve the right to void from the outset any Transaction containing or based on any Manifest Error. In the absence of our fraud or willful wilful default, we will not be liable to you for any loss, cost, claim, demand or expense following any Manifest Error.
15.5. 15.5 You acknowledge that all prices and Quotes shown on the Trading Platform are indicative only of actual trading prices in Normal Market Size and are subject to constant change. The Company provides Quotes by taking into account the Underlying Asset price, but this does not mean that these Quotes are within any specific percentage of the Underlying Asset price. When the relevant Underlying Market is closed, the Quotes provided by the Company will reflect what the Company thinks to be the current Bid and Ask price of the relevant Underlying Asset at that time.
15.6. 15.6 You shall comply with any restrictions that we notify to you from time to time with respect to your activities on the Trading Platform, including without limitation, the size of Transactions or other conditions that may apply to our quote. You acknowledge that we may offer to and impose on each user, in our sole discretion, different terms and restrictions with respect to their use of the Trading Platform.
15.7. 15.7 You acknowledge that the prices generated on the Trading Platform is independent of take into account market data from various sources, are not taken directly from any Underlying Markets one source, and we are under no obligation to quote a particular price or follow the trading rules consistent with such Underlying Marketstherefore may not match prices that you see elsewhere (including prices quoted on Exchanges). You further acknowledge that the triggering price of your Transaction is linked to the prices we quote on the Trading Platform, not the prices quoted on the relevant Underlying MarketsExchanges. In determining whether We attempt to generate prices on an ongoing basis and to have the currently applicable prices quoted displayed on the Trading Platform reach as quickly as possible. However, technical conditions (e.g., the transfer rate of data networks or exceed the quality of your internet connection, as well as rapid market fluctuations) may lead to a change in the applicable price accepted between the time an offer to buy or sell a CFD is placed by you and the time that such offer is received by us in a Transactionor the Transaction is executed on the Trading Platform. In addition, we there will be entitled (but not obliged), in our absolute discretion, to disregard any times when circumstances may prevent the Trading Platform from generating prices quoted by us during any pre-market, post-market or intra-day auction periods in affect the relevant Underlying Markets, during any intra-day or other period of suspension in the relevant Underlying Markets, or during any other period that in our reasonable opinion may give rise to short-term price spikes or other distortionsprices being generated. Our prices may differ from the current prices on the relevant Underlying Markets Exchanges and you acknowledge that a Transaction an Order may be triggered even though: ● an Underlying Market :
15.7.1 An Exchange never traded at the level of specified in your TransactionOrder; or ● the Underlying Market or
15.7.2 The Exchange did trade at the level of specified in your Transaction Order, but for such a short period that it would have been impractical to execute an equivalent transaction on the Underlying MarketsExchange.
15.8. When you complete 15.8 You acknowledge that any prices quoted on the Trading Platform are set by us in our reasonable discretion, taking into account a Transaction variety of factors including prevailing market conditions and trading demand on the Trading Platform, you agree that you are not dealing on a recognised exchange.
15.9. 15.8.1 You undertake and agree not to use the prices quoted on the Trading Platform for any purpose other than for your own trading purpose, and you agree not to redistribute our prices to any other person whether such redistribution is for commercial or other purposes.
15.1015.8.2 You may notice there is a link on the trading screen to prices on the relevant exchange on which the underlying financial instrument is traded. Where the underlying instrument is not traded on a specific exchange, there is a link to Yahoo Finance/ Google Finance for illustrative purposes only. Please be aware however that as these prices are provided via newswires there is often a significant time delay and they should only be referred to as a research tool.
15.9 You acknowledge that each Transaction is made for a specified number of units that constitute the Underlying Assetunderlying Instrument. You may only complete Transactions on the Trading Platform for the minimum number of units as set forth on the Trading Platform as the "Unit Amount", and in multiples of such "Unit Amount" Amount up until the maximum amount permitted by the Trading Platform. You acknowledge and agree that we may set, in our sole and absolute discretion, the "Unit Amount" Amount for each Underlying AssetInstrument.
15.11. 15.10 Each Transaction opened by you, and any Transaction completed, will be binding on you notwithstanding that that, by opening the Transaction Transaction, you may have exceeded any credit or other limit applicable to you or in respect of your dealings with us. It is noted however that the Company applies a Negative Balance Protection Policy pursuant to which, you may not lose more than the amount deposit on the Platform. In the event that a Position is closed at such price causing your equity to fall below zero, the Company shall waive its right to receive the balance from the Client.
15.12. 15.11 Subject to paragraph 15.15 herein Section 15.14, you may request a quote to open or close a Transaction for a particular Underlying Asset, Instrument at any time during the Trading Hours for such Underlying AssetInstrument. We will be under no obligation to but may, in our absolute discretion, provide a quote and accept and act on your offer to open or close a Transaction for an Underlying Asset Instrument outside of the Trading Hours of such Underlying AssetInstrument. In some cases, Transactions may only be traded during the time when the relevant Underlying Market exchange where the Instrument is traded is open. Plus500's Trading Hours are displayed on the Trading Platform under the details link for each specific Underlying AssetInstrument which may or may not be the same as the Trading Hours of the relevant Exchange. It is your responsibility to ensure you are aware of which Underlying Asset Instrument may be affected.
15.13. 15.12 Without prejudice to any of our right hereunderderogating from Section 10.4, if, prior to the acceptance of your Order offer to open or close a Transaction, we become aware that any of the factors set out in paragraph 15.14 herein Section 15.13 have not been met, we reserve the right to reject your Order offer outright. If we have, nevertheless, already opened or closed a Transaction prior to becoming aware that a factor set out in paragraph 15.14 herein Section 15.13 has not been met, we may, in our absolute discretion, either treat such a Transaction as void from the outset or close it at our then prevailing priceForce Close. However, we may, in our absolute discretion, allow you to open or, as the case may be, close the Transaction Transaction, in which case you will be bound by the opening or closure of such Transaction, notwithstanding that the factors in paragraph 15.14 Section 15.13 were not satisfied.
15.14. 15.13 The factors referred to in paragraph 15.13 Section 15.12 include the following: ● :
15.13.1 the quote must be obtained via the Trading Platform or by such other means as we may from time to time notify you. ● your ;
15.13.2 Your offer to open or close the Transaction must be given while the quote is still valid. ● ;
15.13.3 the quote must not contain a Manifest Error. ● ;
15.13.4 when you offer to open a Transaction, the number of units in respect of which the Transaction is to be opened must be neither smaller than the minimum unit amount Unit Amount specified on the Trading Platform for the Instrument, as applicable, from time to time, nor greater than the amount permitted in accordance with the terms of this User Agreement. ● ;
15.13.5 when you offer to close part but not all of an open Transaction Transaction, both the part of the Transaction that you offer to close and the part that would remain open if we accepted your offer must not be smaller than the minimum unit amount Unit Amount specified on the Trading Platform. ● ;
15.13.6 a Force Majeure Event must not have occurred as described in Section 16.1;
15.13.7 when you offer to open or close a Transaction. ● , an Event of Default must not have occurred in respect of you. ● ;
15.13.8 when you offer to open any Transaction, the opening of the Transaction must not result in your exceeding any initial or maintenance margin amount, credit or other limit placed on your dealings. ● ;
15.13.9 subject to paragraph 15.12Section 15.11, our your offer must be given to us during the Trading Hours for the applicable Underlying Asset Instrument in respect of which you offer to open or close the Transaction. ● the internet connection or communications are not disrupted. ● there is no request of regulatory or supervisory authorities of Belarus or a court order to the contrary. ● the legality or genuineness of the Order is not under doubt. ● there are Normal Market Conditions; and ● and
15.13.10 any other reasonable factor that we, in our sole discretion, notify you from time to time.
15.15. 15.14 If, before your offer to open or close a Transaction is accepted by us, our quote moves to your advantage (for example, if the price goes down as you buy, buy or the price goes up as you sell) ), you agree that we can (but do not have to) pass such price improvement on to you. The effect of such action being that the level at which you offer to open or close a Transaction will, upon acceptance by us, be altered to the more favourable price. You acknowledge that it is in your best interests interest for us to alter the level of your offer in the manner contemplated in this paragraph Section and you agree that any offer altered in accordance with this paragraphSection, once accepted by us, results in a fully binding agreement between us. Without derogating from the foregoing, you acknowledge that it is within our complete discretion as to when we will pass on a price improvement to you. You should also note that we will only pass on a price improvement within allowable limits.
15.16. Certain third-party companies may make available computerized solutions that facilitate the entry of trading orders or the execution of other activities on the Trading Platform (e.g. "trading robots") and/or allow for algorithm-based trading ("Robots" and/or "Robot Trading"). The use 15.15 Use of any Robots and/or Robot Trading robots, spiders or other automated data entry system with the Trading Platform is in no way sanctioned expressly prohibited. All Transactions must be completed manually by the Company and is at the Client's sole risk and responsibility. The Company makes no representations or warranties about the effectiveness, accuracy, functionality, performance, integrity, freedom-from-error or any other feature of any such Robots or Robot Trading solutions. Clients expressly acknowledge that the use of any Robots or engaging in Robot Trading is extremely risky and hereby absolve the company of liability for any damage caused as a result of the use of Robots and or Robot Tradingyou. Any Transaction completed through the such use of a Robot or through Robot Trading an automatic data entry system shall be considered null and void. Upon a breach of this Section 15.15, we may immediately close all or any of your accounts held with us of whatever nature, terminate the Client Agreements without notice and refuse to enter into further Transactions with you. Furthermore, any monies held in your Trading Account shall be frozen and we shall be entitled to deduct any amounts from your Trading Account in order to set off any loss, damages or expenses incurred by us as a result of a breach of this Section. Any remaining monies in your Trading Account will be returned to you in accordance with Section 22.8.
15.16 In general, you are not permitted to open more than one Trading Account with us. However, in the event that you do have been executed more than one Trading Account with us, you acknowledge that we may, at our discretion:
15.16.1 close one and/or any of your Trading Accounts at any time and Force Closure of your open Transactions; or
15.16.2 treat all of your Trading Accounts as Connected Accounts, operated by one customer; or
15.16.3 treat all of your Trading Accounts entirely separately, in which case, any credit on one Trading Account (including amounts deposited as Margin) will not discharge your liabilities in respect of any other Trading Account, unless we have reasonable It is your responsibility to ensure that sufficient Margin is deposited with us to support your Positions in each Trading Account separately.
15.17 An adjustment to your Trading Account may be made in respect of a dividend or distribution attributable to any specific Instrument and shall be calculated by us. Where you hold a long position, we adjust your Trading Account in your favour by the Clientdividend multiplied by the long quantity as adjusted, if necessary, for taxation. The Company is under no obligation to facilitate Where you hold a short position, we adjust your Trading Account in our favour by the use dividend multiplied by the short quantity as adjusted, if necessary, for taxation. Such adjustment shall take place at the close of any Robot or to make available Robot Trading business on the Trading Platformtrading day before the ex-dividend date and shall take effect by the close of business on the ex-dividend date.
15.17. The Company is under no obligation, unless otherwise agreed in the Agreement, to monitor or advise the Client 15.18 Depending on the status circumstances of any Transaction or each event, our policy is to close out any Client’s Open Positionscustomer open Positions at the market price immediately prior to a Transformation taking place. When the Company decides to do soAs a result of such event, other than in order to enforce the Negative Balance Protection, this will be done on a discretionary basis and will not be considered an undertaking of an obligation to continue. It is the Client’s responsibility to be aware of his positions at all times.
15.18. If if any Underlying Asset which is a security Instrument becomes subject to possible adjustments an adjustment as a the result of any of the events set out in section 15.19 (referred to as “Corporate Event”)a takeover or Transformation, the Company will we shall determine the appropriate adjustment, if any, adjustment to be made to the opening/closing price, size, value and/or contract price or contract quantity of the corresponding Transaction (and also the level or size of the corresponding orders). This action is made in order as we consider appropriate to (i) account for the diluting or concentrating effect necessary to preserve of the action. Such adjustment shall represent the economic equivalent of the rights and obligations of the parties under that transaction us and you immediately prior to that Corporate Eventthe action.
15.19 If a company whose Instrument underlies the CFD goes into insolvency or is otherwise dissolved, and/or (ii) replicate the effect Expiry Date of the Corporate Event upon someone with an interest in the relevant Underlying Asset security, Transaction shall be deemed to be effective from the date determined by the Companyof insolvency.
15.19. The events to which paragraph 15.18 refers to are any of the following, by the declaration of the issuer of a security:
a. A subdivision, consolidation or reclassification of shares, a share buy-back or cancellation, or a free distribution of bonus shares to existing shareholders, capitalization or share split or reverse share split or similar event.
b. A distribution to existing holders of the shares or additional shares, other share capital or securities, granting the right to payment of dividends and/or proceeds from the liquidation of the issuer equally proportionate to such payments to holders of the underlying shares, securities, or warrants granting the right to receive or purchase shares for less than the current market price per share.
c. Any other event regarding shares analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of shares.
d. Any event analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of any security not based on shares.
e. Any event that is caused by a merger offer made regarding the company of the underlying asset.
15.20. If any Underlying Asset which is a security becomes subject to a specific risk resulting in a predicted fall in value, the Company reserves the right to restrict short selling or even withdraw the specific Underlying Asset from the Trading Platform.
15.21. Determination of any adjustment or amendment to the opening/closing price, size, value and/or quantity of the Transaction (and/or level or size of any order) shall be at the Company’s sole discretion and shall be conclusive and binding upon the Client. The Company shall inform the Client of any adjustment or amendment via its internal mail as soon as is reasonably practicable.
15.22. In the case where the Client deliberately attempts to take advantage of the fact that shares in a particular Spot Index going ex-dividend, the Company reserves the right to apply a dividend adjustment in the form of commission without prior notice or consent. In the case of short positions, the dividend adjustment will be debited from the client’s account where dividend adjustments = Index Dividend declared x position size in Lots.
Appears in 1 contract
Samples: User Agreement
GENERAL RULES OF TRADING. 15.1. Once you place Without prejudice to any other provisions herein of this Client Agreement, once the Client places an Order on the Trading Platform, the Company executes arranges for the execution of the said order by itselfOrder with the Execution Venue. It is understood that the Company executes does not execute the Client Orders in CFDs as a principal to principal against the Client, i.e. the Company is not itself the Execution Venue for the execution of the Client Orders.
15.2. You acknowledge and agree that each Transaction conducted on the Trading Platform, including the placing of an Order, is comprised of first, first an offer by you to us to complete a Transaction (whether such offer is to open a Transaction Position or close an open TransactionOpen Position) at a certain price quoted on the Trading Platform, and our subsequent acceptance of your offer. A Transaction An Offer will be deemed to have been completed only when your offer it has been received and accepted by us. Our acceptance of an offer will be evidenced by our confirmation of its terms to you and its completion.
15.3. We will be under no obligation to, but may in our absolute discretion, provide quotes for, or accept, execute or cancel, all or any part of a Transaction that you have requested through the Trading Platform without giving any reason. You may request to cancel or amend a Transaction at any time time, prior to our completing such a Transaction. We shall be entitled, but not obliged, to accept such a request in our sole discretion.
15.4. We reserve the right to void from the outset any Transaction containing or based on any Manifest Error. In the absence of our fraud or willful default, we will not be liable to you for any loss, cost, claim, demand or expense following any Manifest Error.
15.5. You acknowledge that all of our prices and Quotes shown on the Trading Platform are indicative only of actual trading prices in Normal Market Size and are subject to constant changethe ones provided by the Company’s Execution Venue. The Company provides Quotes by taking into account the Underlying Asset price, but this does not mean that these Quotes are within any specific percentage Execution Venue obtains prices (BID and ASK prices) of the Underlying Asset pricefor a given CFD from third party reputable external reference sources (i.e. price feeders). When The Execution Venue then uses these prices to calculate their own tradable prices for a given CFD and provide them to the relevant Underlying Market is closed, the Quotes provided by the Company will reflect what the Company thinks to be the current Bid and Ask price of the relevant Underlying Asset at that timeCompany.
15.6. You shall comply with any restrictions that we notify you from time to time with respect to your activities on the Trading Platform, including without limitation, the size of Transactions or other conditions that may apply to our quote. You acknowledge that we may offer to and impose on each user, in our sole discretion, different terms and restrictions with respect to their use of the Trading Platform.
15.7. You acknowledge that the Trading Platform is independent of any Underlying Markets Markets, and we are under no obligation to quote a particular price or follow the trading rules consistent with such Underlying Markets. You further acknowledge that the triggering of your Transaction is linked to the prices we quote on the Trading Platform, not the prices quoted on the relevant Underlying Markets. In determining whether the prices quoted on the Trading Platform reach or exceed the price accepted by us in a Transaction, we will be entitled (but not obliged), in our absolute discretion, to disregard any prices quoted by us during any pre-pre- market, post-market or intra-day auction periods in the relevant Underlying Markets, during any intra-day or other period of suspension in the relevant Underlying Markets, or during any other period that in our reasonable opinion may give rise to short-short- term price spikes or other distortions. Our prices may differ from the current prices on the relevant Underlying Markets and you acknowledge that a Transaction may be triggered even though: ● an Underlying Market never traded at the level of your Transaction; or ● the Underlying Market did trade at the level of your Transaction but for such a short period that it would have been impractical to execute an equivalent transaction on the Underlying Markets.
15.8. When you complete a Transaction on the Trading Platform, you agree that you are not dealing on a recognised recognized exchange.
15.9. You undertake and agree not to use the prices quoted on the Trading Platform for any purpose other than for your own trading purpose, and you agree not to redistribute our prices to any other person whether such redistribution is for commercial or other purposes.
15.10. You acknowledge that each Transaction is made for a specified number of units that constitute the Underlying Asset. You may only complete Transactions on the Trading Platform for the minimum number of units as set forth on the Trading Platform as the "“Unit Amount"”, and in multiples of such "“Unit Amount" ” up until the maximum amount permitted by the Trading Platform. You acknowledge and agree that we may set, in our sole and absolute discretion, the "“Unit Amount" ” for each Underlying Asset.
15.11. Each Transaction Position opened by you, and any Transaction completed, will be binding on you notwithstanding that by opening the Transaction Position you may have exceeded any credit or other limit applicable to you or in respect of your dealings with us. It is noted however that the Company applies a Negative Balance Protection Policy pursuant to which, you may not lose more than the amount deposit on the Platform. In the event that a Position is closed at such price causing your equity to fall below zero, the Company shall waive its right to receive the balance from the Client.
15.12. Subject to paragraph 15.15 herein you You may request a quote Quote to open or close a Transaction Position for a particular Underlying Asset, at any time during the Trading Hours for such Underlying Asset. We will be under no obligation to to, but may, in our absolute discretion, provide a quote Quote and accept and act on your offer to open or close a Transaction Position for an Underlying Asset outside of the Trading Hours of such Underlying Asset. In some cases, Transactions may only be traded during the time when the relevant Underlying Market is open. Trading Hours are displayed on the Trading Platform under the details link for each specific Underlying Asset. It is your responsibility to ensure that you are aware of which Underlying Asset may be affected.
15.13. Without prejudice to any of our right hereunder, if, prior to the acceptance of your Order to open or close a Transaction, we become aware that any of the factors set out in paragraph 15.14 herein have not been met, we reserve the right to reject your Order outright. If we have, nevertheless, already opened or closed a Transaction prior to becoming aware that a factor set out in paragraph 15.14 herein has not been met, we may, in our discretion, either treat such a Transaction as void from the outset or close it at our then prevailing price. However, we may, in our absolute discretion, allow you to open or, as the case may be, close the Transaction in which case you will be bound by the opening or closure of such Transaction, notwithstanding that the factors in paragraph 15.14 were not satisfied.
15.14. The factors referred to in paragraph 15.13 include the following: ● the quote must be obtained via the Trading Platform or by such other means as we may from time to time notify you. ● your offer to open or close the Transaction must be given while the quote is still valid. ● the quote must not contain a Manifest Error. ● when you offer to open a Transaction, the number of units in respect of which the Transaction is to be opened must be neither smaller than the minimum unit amount specified on the Trading Platform for the Instrument, as applicable, from time to time, nor greater than the amount permitted in accordance with the terms of this Agreement. ● when you offer to close part but not all of an open Transaction both the part of the Transaction that you offer to close and the part that would remain open if we accepted your offer must not be smaller than the minimum unit amount specified on the Trading Platform. ● Force Majeure Event must not have occurred when you offer to open or close a Transaction. ● an Event of Default must not have occurred in respect of you. ● when you offer to open any Transaction, the opening of the Transaction must not result in your exceeding any initial or maintenance margin amount, credit or other limit placed on your dealings. ● subject to paragraph 15.12, our offer must be given to us during the Trading Hours for the applicable Underlying Asset in respect of which you offer to open or close the Transaction. ● the internet connection or communications are not disrupted. ● there is no request of regulatory or supervisory authorities of Belarus or a court order to the contrary. ● the legality or genuineness of the Order is not under doubt. ● there are Normal Market Conditions; and ● any other reasonable factor that we, in our sole discretion, notify you from time to time.
15.15. If, before your offer to open or close a Transaction is accepted by us, our quote moves to your advantage (for example, if the price goes down as you buy, or the price goes up as you sell) you agree that we can (but do not have to) pass such price improvement on to you. The effect of such action being that the level at which you offer to open or close a Transaction will, upon acceptance by us, be altered to the more favourable price. You acknowledge that it is in your best interests for us to alter the level of your offer in the manner contemplated in this paragraph and you agree that any offer altered in accordance with this paragraph, once accepted by us, results in a fully binding agreement between us. Without derogating from the foregoing, you acknowledge that it is within our complete discretion as to when we will pass on a price improvement to you. You should also note that we will only pass on a price improvement within allowable limits.
15.16. Certain third-party companies may make available computerized solutions that facilitate the entry of trading orders or the execution of other activities on the Trading Platform (e.g. "trading robots") and/or allow for algorithm-based trading ("Robots" and/or "Robot Trading"). The use of any Robots and/or Robot Trading with the Trading Platform is in no way sanctioned by the Company and is at the Client's sole risk and responsibility. The Company makes no representations or warranties about the effectiveness, accuracy, functionality, performance, integrity, freedom-from-error or any other feature of any such Robots or Robot Trading solutions. Clients expressly acknowledge that the use of any Robots or engaging in Robot Trading is extremely risky and hereby absolve the company of liability for any damage caused as a result of the use of Robots and or Robot Trading. Any Transaction completed through the use of a Robot or through Robot Trading shall be considered to have been executed by the Client. The Company is under no obligation to facilitate the use of any Robot or to make available Robot Trading on the Trading Platform.
15.17. The Company is under no obligation, unless otherwise agreed in the Agreement, to monitor or advise the Client on the status of any Transaction or to close out any Client’s Open Positions. When the Company decides to do so, other than in order to enforce the Negative Balance Protection, this will be done on a discretionary basis and will not be considered an undertaking of an obligation to continue. It is the Client’s responsibility to be aware of his positions at all times.
15.18. If any Underlying Asset which is a security becomes subject to possible adjustments as a result of any of the events set out in section 15.19 (referred to as “Corporate Event”), the Company will determine the appropriate adjustment, if any, to be made to the opening/closing price, size, value and/or quantity of the corresponding Transaction (and also the level or size of the corresponding orders). This action is made in order to (i) account for the diluting or concentrating effect necessary to preserve the economic equivalent of the rights and obligations of the parties under that transaction immediately prior to that Corporate Event, and/or (ii) replicate the effect of the Corporate Event upon someone with an interest in the relevant Underlying Asset security, to be effective from the date determined by the Company.
15.19. The events to which paragraph 15.18 refers to are any of the following, by the declaration of the issuer of a security:
a. A subdivision, consolidation or reclassification of shares, a share buy-back or cancellation, or a free distribution of bonus shares to existing shareholders, capitalization or share split or reverse share split or similar event.
b. A distribution to existing holders of the shares or additional shares, other share capital or securities, granting the right to payment of dividends and/or proceeds from the liquidation of the issuer equally proportionate to such payments to holders of the underlying shares, securities, or warrants granting the right to receive or purchase shares for less than the current market price per share.
c. Any other event regarding shares analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of shares.
d. Any event analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of any security not based on shares.
e. Any event that is caused by a merger offer made regarding the company of the underlying asset.
15.20. If any Underlying Asset which is a security becomes subject to a specific risk resulting in a predicted fall in value, the Company reserves the right to restrict short selling or even withdraw the specific Underlying Asset from the Trading Platform.
15.21. Determination of any adjustment or amendment to the opening/closing price, size, value and/or quantity of the Transaction (and/or level or size of any order) shall be at the Company’s sole discretion and shall be conclusive and binding upon the Client. The Company shall inform the Client of any adjustment or amendment via its internal mail as soon as is reasonably practicable.
15.22. In the case where the Client deliberately attempts to take advantage of the fact that shares in a particular Spot Index going ex-dividend, the Company reserves the right to apply a dividend adjustment in the form of commission without prior notice or consent. In the case of short positions, the dividend adjustment will be debited from the client’s account where dividend adjustments = Index Dividend declared x position size in Lots.
Appears in 1 contract
Samples: Client Agreement
GENERAL RULES OF TRADING. 15.1. Once you place an Order on the Trading Platform, the Company executes the said order by itself. It is understood that the Company executes the Client Orders in CFDs as principal to principal against the Client.
15.2. 15.1 You acknowledge and agree that each Transaction conducted on the Trading Platform, including the placing of an Order, is comprised of first, an offer by you to us to complete a Transaction (whether such offer is to open a Transaction or close an open Transaction) at a certain price quoted on the Trading Platform, and secondly, our subsequent acceptance of your offer. A Transaction will be deemed to have been completed only when your offer has been received and accepted by us. Our acceptance of an offer will be evidenced by our confirmation of its terms to you and its completion.
15.3. 15.2 We will be under no obligation to, but may in our absolute discretion, provide quotes for, or accept, execute or cancel, all or any part of a Transaction that you have requested through the Trading Platform without giving any reason. You may request to cancel or amend a Transaction at any time prior to our completing such a Transaction. We shall be entitled, but not obliged, to accept such a request in our sole discretion.
15.415.3 Any Financial Data, prices, or other information available to you on the Site or the Trading Platform or offered by us in any other form or by any other means whatsoever (“Content”), is provided as general market commentary and does not constitute investment advice. Furthermore, such Content is subject to change at any time without notice. Whilst we do take reasonable measures to ensure the accuracy of such information, we will not accept liability for any loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
15.4 We reserve the right to void from the outset any Transaction containing or based on any Manifest Error. In the absence of our fraud or willful default, we will not be liable to you for any loss, cost, claim, demand or expense following any Manifest Error.
15.5. 15.5 You acknowledge that all prices and Quotes shown on the Trading Platform are indicative only of actual trading prices in Normal Market Size and are subject to constant change. The Company provides Quotes by taking into account the Underlying Asset price, but this does not mean that these Quotes are within any specific percentage of the Underlying Asset price. When the relevant Underlying Market is closed, the Quotes provided by the Company will reflect what the Company thinks to be the current Bid and Ask price of the relevant Underlying Asset at that time.
15.6. 15.6 You shall comply with any restrictions that we notify to you from time to time with respect to your activities on the Trading Platform, including without limitation, the size of Transactions or other conditions that may apply to our quote. You acknowledge that we may offer to and impose on each user, in our sole discretion, different terms and restrictions with respect to their use of the Trading Platform.
15.7. 15.7 You acknowledge that whilst the Trading Platform is independent of Prices generated on our platform will take into account market data from various sources, they are not taken directly from any Underlying Markets one source, and we are under no obligation to quote a particular price or follow the trading rules consistent with such Underlying Marketstherefore may not match prices that you see elsewhere (including prices quoted on stock exchanges). You further acknowledge that the triggering of your Transaction is linked to the prices we quote on the Trading Platform, not the prices quoted on the relevant Underlying MarketsExchanges. We attempt to generate Prices on an ongoing basis and to have the currently applicable Prices displayed on the Platform as quickly as possible. However, technical conditions (e.g., the transfer rate of data networks or the quality of your internet connection, as well as rapid market fluctuations) may lead to a change in the applicable Price between the time the Order is placed by you and the time the Order is received by us or the Order is executed by the Platform. In determining whether the prices quoted on the Trading Platform reach or exceed the price accepted by us in a Transactionaddition, we there will be entitled (but not obliged), in our absolute discretion, to disregard any prices quoted by us during any pre-market, post-market times when circumstances may prevent the Platform from generating Prices or intra-day auction periods in affect the relevant Underlying Markets, during any intra-day or other period of suspension in the relevant Underlying Markets, or during any other period that in our reasonable opinion may give rise to short-term price spikes or other distortionsPrices being generated. Our prices may differ from the current prices on the relevant Underlying Markets Exchanges and you acknowledge that a Transaction may be triggered even though: ● an Underlying Market :
15.7.1 An Exchange never traded at the level of your Transaction; or ● the Underlying Market or
15.7.2 The Exchange did trade at the level of your Transaction but for such a short period that it would have been impractical to execute an equivalent transaction on the Underlying MarketsExchange.
15.8. 15.8 When you complete a Transaction on the Trading Platform, you agree that you are dealing with us as principal, off-exchange and are not dealing on a recognised exchangethe Exchange.
15.915.8.1 Please remember that when you open a transaction on the Trading Platform you are trading with CFDs, which means that you enter into a contract with us for the difference between the value of an Instrument as specified on the Trading Platform at the time of opening a Transaction, and the value of such Instrument at the time of closing the Transaction. You acknowledge and agree that you are not entitled to ownership of the underlying asset of such a contract (for example the actual Shares or the Rights offered in a Rights Issue event or the Shares offered in an Options contract)."
15.9 You acknowledge that any prices quoted on the Trading Platform are set by us in our reasonable discretion, taking into account a variety of factors including prevailing market conditions and trading demand on the Trading Platform.
15.9.1 You undertake and agree not to use the prices quoted on the Trading Platform for any purpose other than for your own trading purpose, and you agree not to redistribute our prices to any other person whether such redistribution is for commercial or other purposes.
15.1015.9.2 You may notice there is a link on the trading screen to prices on the relevant exchange on which the underlying financial instrument is traded. Where the underlying instrument is not traded on a specific exchange, there is a link to Yahoo Finance/ Google Finance for illustrative purposes only. Please be aware however that as these prices are provided via newswires there is often a significant time delay and they should only be referred to as a research tool.
15.10 You acknowledge that each Transaction is made for a specified number of units that constitute the Underlying Assetunderlying Instrument. You may only complete Transactions on the Trading Platform for the minimum number of units as set forth on the Trading Platform as the "“Unit Amount"”, and in multiples of such "“Unit Amount" ” up until the maximum amount permitted by the Trading Platform. You acknowledge and agree that we may set, in our sole and absolute discretion, the "“Unit Amount" ” for each Underlying AssetInstrument.
15.11. 15.11 Each Transaction opened by you, and any Transaction completed, will be binding on you notwithstanding that by opening the Transaction you may have exceeded any credit or other limit applicable to you or in respect of your dealings with us. It is noted however that the Company applies a Negative Balance Protection Policy pursuant to which, you may not lose more than the amount deposit on the Platform. In the event that a Position is closed at such price causing your equity to fall below zero, the Company shall waive its right to receive the balance from the Client.
15.12. 15.12 Subject to paragraph Section 15.15 herein below you may request a quote to open or close a Transaction for a particular Underlying AssetInstrument, at any time during the Trading Hours for such Underlying AssetInstrument. We will be under no obligation to but may, in our absolute discretion, provide a quote and accept and act on your offer to open or close a Transaction for an Underlying Asset Instrument outside of the Trading Hours of such Underlying AssetInstrument. In some cases, cases Transactions may only be traded during the time when the relevant Underlying Market exchange where the Instrument is traded is open. Plus500's Trading Hours are displayed on the Trading Platform under the details link for each specific Underlying AssetInstrument which may or may not be the same as the Trading Hours of the relevant Exchange. It is your responsibility to ensure you are aware of which Underlying Asset Instrument may be affected.
15.13. 15.13 Without prejudice to any of our right hereunderderogating from Section 10.4, if, prior to the acceptance of your Order offer to open or close a Transaction, we become aware that any of the factors set out in paragraph Section 15.14 herein have not been met, we reserve the right to reject your Order offer outright. If we have, nevertheless, already opened or closed a Transaction prior to becoming aware that a factor set out in paragraph Section 15.14 herein has not been met, we may, in our absolute discretion, either treat such a Transaction as void from the outset or close it at our then prevailing price. However, we may, in our absolute discretion, allow you to open or, as the case may be, close the Transaction in which case you will be bound by the opening or closure of such Transaction, notwithstanding that the factors in paragraph Section 15.14 were not satisfied.
15.14. 15.14 The factors referred to in paragraph Section 15.13 include the following: ● :
15.14.1 the quote must be obtained via the Trading Platform or by such other means as we may from time to time notify you. ● ;
15.14.2 your offer to open or close the Transaction must be given while the quote is still valid. ● ;
15.14.3 the quote must not contain a Manifest Error. ● ;
15.14.4 when you offer to open a Transaction, the number of units in respect of which the Transaction is to be opened must be neither smaller than the minimum unit amount specified on the Trading Platform for the Instrument, as applicable, from time to time, nor greater than the amount permitted in accordance with the terms of this Agreement. ● ;
15.14.5 when you offer to close part but not all of an open Transaction both the part of the Transaction that you offer to close and the part that would remain open if we accepted your offer must not be smaller than the minimum unit amount specified on the Trading Platform. ● ;
15.14.6 a Force Majeure Event must not have occurred when as described in Section 16.1 of this Agreement;
15.14.7 When you offer to open or close a Transaction. ● Transaction an Event of Default must not have occurred in respect of you. ● ;
15.14.8 when you offer to open any Transaction, the opening of the Transaction must not result in your exceeding any initial or maintenance margin amount, credit or other limit placed on your dealings. ● ;
15.14.9 subject to paragraph Section 15.12, our your offer must be given to us during the Trading Hours for the applicable Underlying Asset Instrument in respect of which you offer to open or close the Transaction. ● the internet connection or communications are not disrupted. ● there is no request of regulatory or supervisory authorities of Belarus or a court order to the contrary. ● the legality or genuineness of the Order is not under doubt. ● there are Normal Market Conditions; and ● and
15.14.10 any other reasonable factor that we, in our sole discretion, notify you from time to time.
15.15. 15.15 If, before your offer to open or close a Transaction is accepted by us, our quote moves to your advantage (for example, if the price goes down as you buy, buy or the price goes up as you sell) you agree that we can (but do not have to) pass such price improvement on to you. The effect of such action being that the level at which you offer to open or close a Transaction will, upon acceptance by us, be altered to the more favourable price. You acknowledge that it is in your best interests for us to alter the level of your offer in the manner contemplated in this paragraph Section and you agree that any offer altered in accordance with this paragraphSection, once accepted by us, results in a fully binding agreement between us. Without derogating from the foregoing, you acknowledge that it is within our complete discretion as to when we will pass on a price improvement to you. You should also note that we will only pass on a price improvement within allowable limits.
15.16. Certain third-party companies may make available computerized solutions that facilitate the entry of trading orders or the execution of other activities on the Trading Platform (e.g. "trading robots") and/or allow for algorithm-based trading ("Robots" and/or "Robot Trading"). The use 15.16 Use of any Robots and/or Robot Trading robots, spiders or other automated data entry system with the Trading Platform is in no way sanctioned expressly prohibited. All Transactions must be completed manually by the Company and is at the Client's sole risk and responsibility. The Company makes no representations or warranties about the effectiveness, accuracy, functionality, performance, integrity, freedom-from-error or any other feature of any such Robots or Robot Trading solutions. Clients expressly acknowledge that the use of any Robots or engaging in Robot Trading is extremely risky and hereby absolve the company of liability for any damage caused as a result of the use of Robots and or Robot Tradingyou. Any Transaction completed through the such use of a Robot or through Robot Trading an automatic data entry system shall be considered to have been executed by the Clientnull and void. The Company is under no obligation to facilitate the use Upon a breach of this Section 15.16, we may immediately close all or any Robot or to make available Robot of your Trading on the Trading Platform.
15.17. The Company is under no obligationAccounts held with us of whatever nature, unless otherwise agreed in the Agreement, to monitor or advise terminate the Client on the status of Agreements without notice and refuse to enter into further Transactions with you. Furthermore, any Transaction or monies held in your Trading Account shall be frozen and we shall be entitled to close out deduct any Client’s Open Positions. When the Company decides to do so, other than amounts from your Trading Account in order to enforce the Negative Balance Protectionset off any loss, this will be done on a discretionary basis and will not be considered an undertaking of an obligation to continue. It is the Client’s responsibility to be aware of his positions at all times.
15.18. If any Underlying Asset which is a security becomes subject to possible adjustments damages or expenses incurred by us as a result of a breach of this Section. Any remaining monies in your Trading Account will be returned to you in accordance with Section 22.10.
15.17 If you have more than one Trading Account with us, each Trading Account can be treated entirely separately by us. Therefore, any credit on one Account (including amounts deposited as Margin) will not discharge your liabilities in respect of the events set out in section 15.19 (referred to as “Corporate Event”)any other Account, the Company will determine the appropriate adjustment, if any, to be made to the opening/closing price, size, value and/or quantity of the corresponding Transaction (and also the level or size of the corresponding orders). This action unless an indication is made in order to (i) account found for the diluting or concentrating effect necessary to preserve the economic equivalent conduct of the rights and obligations of the parties under that transaction immediately prior to that Corporate Event, and/or (ii) replicate the effect of the Corporate Event upon someone with an interest trading activity as specified in the relevant Underlying Asset security, to be effective from the date determined by the Companyclause 24.1.
15.19. The events to which paragraph 15.18 refers to are any of the following, by the declaration of the issuer of a security:
a. A subdivision, consolidation or reclassification of shares, a share buy-back or cancellation, or a free distribution of bonus shares to existing shareholders, capitalization or share split or reverse share split or similar event.
b. A distribution to existing holders of the shares or additional shares, other share capital or securities, granting the right to payment of dividends and/or proceeds from the liquidation of the issuer equally proportionate to such payments to holders of the underlying shares, securities, or warrants granting the right to receive or purchase shares for less than the current market price per share.
c. Any other event regarding shares analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of shares.
d. Any event analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of any security not based on shares.
e. Any event that is caused by a merger offer made regarding the company of the underlying asset.
15.20. If any Underlying Asset which is a security becomes subject to a specific risk resulting in a predicted fall in value, the Company reserves the right to restrict short selling or even withdraw the specific Underlying Asset from the Trading Platform.
15.21. Determination of any adjustment or amendment to the opening/closing price, size, value and/or quantity of the Transaction (and/or level or size of any order) shall be at the Company’s sole discretion and shall be conclusive and binding upon the Client. The Company shall inform the Client of any adjustment or amendment via its internal mail as soon as is reasonably practicable.
15.22. In the case where the Client deliberately attempts to take advantage of the fact that shares in a particular Spot Index going ex-dividend, the Company reserves the right to apply a dividend adjustment in the form of commission without prior notice or consent. In the case of short positions, the dividend adjustment will be debited from the client’s account where dividend adjustments = Index Dividend declared x position size in Lots.
Appears in 1 contract
Samples: User Agreement
GENERAL RULES OF TRADING. 15.1. Once you place an Order on the Trading Platform, the Company executes the said order by itself. It is understood that the Company executes the Client Orders in CFDs as principal to principal against the Client.
15.2. You acknowledge and agree that each Transaction conducted on the Trading Platform, including the placing of an Order, is comprised of first, an offer by you to us to complete a Transaction (whether such offer is to open a Transaction or close an open Transaction) at a certain price quoted on the Trading Platform, and our subsequent acceptance of your offer. A Transaction will be deemed to have been completed only when your offer has been received and accepted by us. Our acceptance of an offer will be evidenced by our confirmation of its terms to you and its completion.
15.3. We will be under no obligation to, but may in our absolute discretion, provide quotes for, or accept, execute or cancel, all or any part of a Transaction that you have requested through the Trading Platform without giving any reason. You may request to cancel or amend a Transaction at any time prior to our completing such a Transaction. We shall be entitled, but not obliged, to accept such a request in our sole discretion.
15.4. We reserve the right to void from the outset any Transaction containing or based on any Manifest Error. In the absence of our fraud or willful wilful default, we will not be liable to you for any loss, cost, claim, demand or expense following any Manifest Error.
15.5. You acknowledge that all prices and Quotes shown on the Trading Platform are indicative only of actual trading prices in Normal Market Size and are subject to constant change. The Company provides Quotes by taking into account the Underlying Asset price, but this does not mean that these Quotes are within any specific percentage of the Underlying Asset price. When the relevant Underlying Market is closed, the Quotes provided by the Company will reflect what the Company thinks to be the current Bid and Ask price of the relevant Underlying Asset at that time.
15.6. You shall comply with any restrictions that we notify to you from time to time with respect to your activities on the Trading Platform, including without limitation, the size of Transactions or other conditions that may apply to our quote. You acknowledge that we may offer to and impose on each user, in our sole discretion, different terms and restrictions with respect to their use of the Trading Platform.
15.7. You acknowledge that the Trading Platform is independent of any Underlying Markets and we are under no obligation to quote a particular price or follow the trading rules consistent with such Underlying Markets. You further acknowledge that the triggering of your Transaction is linked to the prices we quote on the Trading Platform, not the prices quoted on the relevant Underlying Markets. In determining whether the prices quoted on the Trading Platform reach or exceed the price accepted by us in a Transaction, we will be entitled (but not obliged), in our absolute discretion, to disregard any prices quoted by us during any pre-market, post-market or intra-day auction periods in the relevant Underlying Markets, during any intra-day or other period of suspension in the relevant Underlying Markets, or during any other period that in our reasonable opinion may give rise to short-term price spikes or other distortions. Our prices may differ from the current prices on the relevant Underlying Markets and you acknowledge that a Transaction may be triggered even though: ● • an Underlying Market never traded at the level of your Transaction; or ● • the Underlying Market did trade at the level of your Transaction but for such a short period that it would have been impractical to execute an equivalent transaction on the Underlying Markets.
15.8. When you complete a Transaction on the Trading Platform, you agree that you are not dealing on a recognised exchange.
15.9. You undertake and agree not to use the prices quoted on the Trading Platform for any purpose other than for your own trading purpose, and you agree not to redistribute our prices to any other person whether such redistribution is for commercial or other purposes.
15.10. You acknowledge that each Transaction is made for a specified number of units that constitute the Underlying Asset. You may only complete Transactions on the Trading Platform for the minimum number of units as set forth on the Trading Platform as the "Unit Amount", and in multiples of such "Unit Amount" up until the maximum amount permitted by the Trading Platform. You acknowledge and agree that we may set, in our sole and absolute discretion, the "Unit Amount" for each Underlying Asset.
15.11. Each Transaction opened by you, and any Transaction completed, will be binding on you notwithstanding that by opening the Transaction you may have exceeded any credit or other limit applicable to you or in respect of your dealings with us. It is noted however that the Company applies a Negative Balance Protection Policy pursuant to which, you may not lose more than the amount deposit on the Platform. In the event that a Position is closed at such price causing your equity to fall below zero, the Company shall waive its right to receive the balance from the Client.
15.12. Subject to paragraph 15.15 herein you may request a quote to open or close a Transaction for a particular Underlying Asset, at any time during the Trading Hours for such Underlying Asset. We will be under no obligation to but may, in our absolute discretion, provide a quote and accept and act on your offer to open or close a Transaction for an Underlying Asset outside of the Trading Hours of such Underlying Asset. In some cases, Transactions may only be traded during the time when the relevant Underlying Market is open. Trading Hours are displayed on the Trading Platform under the details link for each specific Underlying Asset. It is your responsibility to ensure you are aware of which Underlying Asset may be affected.
15.13. Without prejudice to any of our right hereunder, if, prior to the acceptance of your Order to open or close a Transaction, we become aware that any of the factors set out in paragraph 15.14 herein have not been met, we reserve the right to reject your Order outright. If we have, nevertheless, already opened or closed a Transaction prior to becoming aware that a factor set out in paragraph 15.14 herein ,has not been met, we may, may in our discretion, either treat such a Transaction as void from the outset or close it at our then prevailing price. However, we may, in our absolute discretion, allow you to open or, as the case may be, close the Transaction in which case you will be bound by the opening or closure of such Transaction, notwithstanding that the factors in paragraph 15.14 were not satisfied.
15.14. The factors referred to in paragraph 15.13 include the following: ● • the quote must be obtained via the Trading Platform or by such other means as we may from time to time notify you. ● ; • your offer to open or close the Transaction must be given while the quote is still valid. ● ; • the quote must not contain a Manifest Error. ● ; • when you offer to open a Transaction, the number of units in respect of which the Transaction is to be opened must be neither smaller than the minimum unit amount specified on the Trading Platform for the Instrument, as applicable, from time to time, nor greater than the amount permitted in accordance with the terms of this Agreement. ● ; • when you offer to close part but not all of an open Transaction both the part of the Transaction that you offer to close and the part that would remain open if we accepted your offer must not be smaller than the minimum unit amount specified on the Trading Platform. ● ; • Force Majeure Event must not have occurred when you offer to open or close a Transaction. ● an Event of Default must not have occurred in respect of you. ● when you offer to open any Transaction, the opening of the Transaction must not result in your exceeding any initial or maintenance margin amount, credit or other limit placed on your dealings. ● subject to paragraph 15.12, our offer must be given to us during the Trading Hours for the applicable Underlying Asset in respect of which you offer to open or close the Transaction. ● the internet connection or communications are not disrupted. ● there is no request of regulatory or supervisory authorities of Belarus or a court order to the contrary. ● the legality or genuineness of the Order is not under doubt. ● there are Normal Market Conditions; and ● any other reasonable factor that we, in our sole discretion, notify you from time to time.
15.15. If, before your offer to open or close a Transaction is accepted by us, our quote moves to your advantage (for example, if the price goes down as you buy, or the price goes up as you sell) you agree that we can (but do not have to) pass such price improvement on to you. The effect of such action being that the level at which you offer to open or close a Transaction will, upon acceptance by us, be altered to the more favourable price. You acknowledge that it is in your best interests for us to alter the level of your offer in the manner contemplated in this paragraph and you agree that any offer altered in accordance with this paragraph, once accepted by us, results in a fully binding agreement between us. Without derogating from the foregoing, you acknowledge that it is within our complete discretion as to when we will pass on a price improvement to you. You should also note that we will only pass on a price improvement within allowable limits.
15.16. Certain third-party companies may make available computerized solutions that facilitate the entry of trading orders or the execution of other activities on the Trading Platform (e.g. "trading robots") and/or allow for algorithm-based trading ("Robots" and/or "Robot Trading"). The use of any Robots and/or Robot Trading with the Trading Platform is in no way sanctioned by the Company and is at the Client's sole risk and responsibility. The Company makes no representations or warranties about the effectiveness, accuracy, functionality, performance, integrity, freedom-from-error or any other feature of any such Robots or Robot Trading solutions. Clients expressly acknowledge that the use of any Robots or engaging in Robot Trading is extremely risky and hereby absolve the company of liability for any damage caused as a result of the use of Robots and or Robot Trading. Any Transaction completed through the use of a Robot or through Robot Trading shall be considered to have been executed by the Client. The Company is under no obligation to facilitate the use of any Robot or to make available Robot Trading on the Trading Platform.
15.17. The Company is under no obligation, unless otherwise agreed in the Agreement, to monitor or advise the Client on the status of any Transaction or to close out any Client’s Open Positions. When the Company decides to do so, other than in order to enforce the Negative Balance Protection, this will be done on a discretionary basis and will not be considered an undertaking of an obligation to continue. It is the Client’s responsibility to be aware of his positions at all times.
15.18. If any Underlying Asset which is a security becomes subject to possible adjustments as a result of any of the events set out in section 15.19 (referred to as “Corporate Event”), the Company will determine the appropriate adjustment, if any, to be made to the opening/closing price, size, value and/or quantity of the corresponding Transaction (and also the level or size of the corresponding orders). This action is made in order to (i) account for the diluting or concentrating effect necessary to preserve the economic equivalent of the rights and obligations of the parties under that transaction immediately prior to that Corporate Event, and/or (ii) replicate the effect of the Corporate Event upon someone with an interest in the relevant Underlying Asset security, to be effective from the date determined by the Company.
15.19. The events to which paragraph 15.18 refers to are any of the following, by the declaration of the issuer of a security:
a. A subdivision, consolidation or reclassification of shares, a share buy-back or cancellation, or a free distribution of bonus shares to existing shareholders, capitalization or share split or reverse share split or similar event.
b. A distribution to existing holders of the shares or additional shares, other share capital or securities, granting the right to payment of dividends and/or proceeds from the liquidation of the issuer equally proportionate to such payments to holders of the underlying shares, securities, or warrants granting the right to receive or purchase shares for less than the current market price per share.
c. Any other event regarding shares analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of shares.
d. Any event analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of any security not based on shares.
e. Any event that is caused by a merger offer made regarding the company of the underlying asset.
15.20. If any Underlying Asset which is a security becomes subject to a specific risk resulting in a predicted fall in value, the Company reserves the right to restrict short selling or even withdraw the specific Underlying Asset from the Trading Platform.
15.21. Determination of any adjustment or amendment to the opening/closing price, size, value and/or quantity of the Transaction (and/or level or size of any order) shall be at the Company’s sole discretion and shall be conclusive and binding upon the Client. The Company shall inform the Client of any adjustment or amendment via its internal mail as soon as is reasonably practicable.
15.22. In the case where the Client deliberately attempts to take advantage of the fact that shares in a particular Spot Index going ex-dividend, the Company reserves the right to apply a dividend adjustment in the form of commission without prior notice or consent. In the case of short positions, the dividend adjustment will be debited from the client’s account where dividend adjustments = Index Dividend declared x position size in Lots.
Appears in 1 contract
Samples: Client Agreement
GENERAL RULES OF TRADING. 15.1. Once you place an Order on the Trading Platform, the Company executes the said order by itself. It is understood that the Company executes the Client Orders in CFDs as principal to principal against the Client.
15.2. You acknowledge and agree that each Transaction conducted on the Trading Platform, including the placing of an Order, is comprised of first, an offer by you to us to complete a Transaction (whether such offer is to open a Transaction or close an open Transaction) at a certain price quoted on the Trading Platform, and our subsequent acceptance of your offer. A Transaction will be deemed to have been completed only when your offer has been received and accepted by us. Our acceptance of an offer will be evidenced by our confirmation of its terms to you and its completion.
15.3. We will be under no obligation to, but may in our absolute discretion, provide quotes for, or accept, execute or cancel, all or any part of a Transaction that you have requested through the Trading Platform without giving any reason. You may request to cancel or amend a Transaction at any time prior to our completing such a Transaction. We shall be entitled, but not obliged, to accept such a request in our sole discretion.
15.4. We reserve the right to void from the outset any Transaction containing or based on any Manifest Error. In the absence of our fraud or willful default, we will not be liable to you for any loss, cost, claim, demand or expense following any Manifest Error.
15.5. You acknowledge that all 13.1 All prices and Quotes shown on the Trading Platform are indicative only of actual trading prices in only, relate to Normal Market Size and are subject to constant change. The Company provides Quotes by taking into account change as the Underlying Asset price, but this does not mean that these Quotes are within any specific percentage of the Underlying Asset price. When the relevant Underlying Market is closed, the Quotes provided by the Company will reflect what the Company thinks to be the current Bid and Ask price of the relevant Underlying Asset at that timemarket changes.
15.6. 13.2 You shall must comply with any reasonable restrictions that we notify you of from time to time with respect to your activities on the Trading Platform, including without limitationlimitations on, and the size of of, Transactions and resultant Positions, or other conditions that may apply to our quote. You acknowledge that we may offer to and impose on each user, in our sole discretion, different terms and restrictions with respect to their use of the Trading Platform.
15.7. You acknowledge that the Trading Platform is independent of any Underlying Markets and we are under no obligation to quote a particular price or follow the trading rules consistent with such Underlying Markets. You further acknowledge that the triggering of your Transaction is linked to the prices we quote on the Trading Platform, not the prices quoted on the relevant Underlying Markets. In determining whether the prices quoted on the Trading Platform reach or exceed the price accepted by us in a Transaction, we will be entitled (but not obliged), in our absolute discretion, to disregard any prices quoted by us during any pre-market, post-market or intra-day auction periods in the relevant Underlying Markets, during any intra-day or other period of suspension in the relevant Underlying Markets, or during any other period that in our reasonable opinion may give rise to short-term price spikes or other distortions. Our prices may differ from the current prices on the relevant Underlying Markets and you acknowledge that a Transaction may be triggered even though: ● an Underlying Market never traded at the level of your Transaction; or ● the Underlying Market did trade at the level of your Transaction but for such a short period that it would have been impractical to execute an equivalent transaction on the Underlying Markets.
15.8. When you complete a Transaction on the Trading Platform, you agree that you are not dealing on a recognised exchange.
15.9. You undertake and agree not to use the prices quoted on the Trading Platform for any purpose other than for your own trading purpose, and you agree not to redistribute our prices to any other person whether such redistribution is for commercial or other purposes.
15.10. You acknowledge that each Transaction is made for a specified number of units that constitute the Underlying Asset. You may only complete Transactions on the Trading Platform for the minimum number of units as set forth on the Trading Platform as the "Unit Amount", and in multiples of such "Unit Amount" up until the maximum amount permitted by the Trading Platform. You acknowledge and agree that we may set, in our sole and absolute discretion, the "Unit Amount" for each Underlying Asset.
15.11. 13.3 Each Transaction opened or completed by you, and any Transaction completed, you will be binding on upon you notwithstanding that by even where, for example, in opening the Transaction you may have exceeded any credit or and/or other limit applicable to you or in respect of your dealings with us. It is noted however that the Company applies a Negative Balance Protection Policy pursuant to which, you may not lose more than the amount deposit on the Platform. In the event that a Position is closed at such price causing your equity to fall below zero, the Company shall waive its right to receive the balance from the Clientunless prohibited by Applicable Law.
15.12. Subject to paragraph 15.15 herein 13.4 We may monitor the status of any Transaction; make Margin Calls or advise you may request a quote to open that you are in breach of any Margin Requirements; or close any Transaction that you have opened, but we are not under any obligation, unless required by Applicable Law, to take such action and will not be responsible for any losses you incur as a Transaction for a particular Underlying Asset, at any time during the Trading Hours for such Underlying Asset. result of our action or inaction.
13.5 We will be under no obligation to but may, in our absolute discretion, may provide a quote and accept (and therefore act on on) your offer to open or close a Transaction for an Underlying Asset outside of the Trading Hours of such Underlying Assetfor an Instrument. In some cases, Transactions may can (and will) only be traded executed during the time when the relevant Underlying Market Exchange is open. Trading Hours are displayed on the Trading Platform under the details link open for each specific Underlying Assetbusiness. It is your responsibility to ensure you are aware of which Underlying Asset may be affectedthe trading hours for the Instruments you trade in.
15.13. Without prejudice to any 13.6 Trading strategies which involve the use of ultra-high speed or mass data entry must not be deployed without our right hereunderprior written consent, if, prior to the acceptance of which we may withhold at our discretion.
13.7 We may reject your Order offer to open or close a Transaction, we become aware that any of the factors set out in paragraph 15.14 herein have not been met, we reserve the right to reject your Order outright. If we have, nevertheless, already opened or closed a Transaction prior to becoming aware that a factor set out in paragraph 15.14 herein has not been met, we may, in our discretion, either treat such a Transaction as void from the outset unwind or close it at our then prevailing price. Howeverany Open Positions without notice, if we may, in our absolute discretion, allow you to open or, as the case may be, close the Transaction in which case you will be bound by the opening or closure of such Transaction, notwithstanding that the factors in paragraph 15.14 were not satisfied.reasonably believe:
15.14. The factors referred to in paragraph 15.13 include the following: ● the quote must be obtained via the Trading Platform or by such other means as we may from time to time notify you. ● (a) your offer to open or close the Transaction must be is given while the quote is still no longer valid. ● the ;
(b) our quote must not contain contains a Manifest Error. ● when you offer to open a Transaction, the number of units in respect of which ;
(c) the Transaction exceeds the maximum Order amount;
(d) the Order is placed in reliance on price latency opportunities including any Orders placed using API, or by attempting to be opened must be neither smaller than game or abuse the minimum unit amount specified system;
(e) you have insufficient funds (which includes any bonuses and trading credits)available on your trading account to cover the Trading Platform for the InstrumentMargin associated with an opening Transaction or maintaining an Open Position, as applicable, from time to time, nor greater than the amount permitted in accordance with the terms of this Agreement. ● when or you offer to close part but not all of an open Transaction both the part of the Transaction that you offer to close and the part that would remain open if we accepted your offer must not be smaller than the minimum unit amount specified on the Trading Platform. ● Force Majeure Event must not have occurred when you offer to open or close a Transaction. ● an Event of Default must not have occurred in respect of you. ● when you offer to open breach any Transaction, the opening of the Transaction must not result in your exceeding any initial or maintenance margin amount, credit or other limit placed on your dealings. ● subject to paragraph 15.12, our offer must be given to dealings by us during the Trading Hours for the applicable Underlying Asset or required of us by Applicable Law;
(f) you have benefitted from an unfair advantage or acted in an unfair or abusive manner in respect of which you offer our systems, platforms or Accounts, for example:
(i) using any electronic device, software, algorithm or any trading strategy that aims to open manipulate or close take unfair advantage;
(ii) exploiting a fault, loophole or error in our software, system or platforms;
(iii) collusion; or
(iv) using trading strategies designed to return profits by taking advantage of latencies in a platform, delayed prices or through high volumes of Transactions opened and closed within an unusually short period of time as compared to the Transaction. ● ‘average’ client and/or targeting tick fluctuations rather than movements reflecting the internet connection or communications are not disrupted. ● there correct underlying prices; or
(g) it is no request of regulatory or supervisory authorities of Belarus or a court reasonable for us to do so in order to protect us or the contrary. ● the legality or genuineness of the Order is not under doubt. ● there are Normal Market Conditions; and ● any other reasonable factor that weTrading Platform, in our sole discretion, notify you from time to timeprovided we act reasonably.
15.15. If13.8 To the extent you are a MiFID investment firm and are required to do so, before we will not transaction report on your offer to open or close behalf.
13.9 If you are a Transaction is accepted by uslegal entity, our quote moves to your advantage (for example, if the price goes down as you buy, or the price goes up as you sell) you agree that we can may in certain circumstances obtain a Legal Entity Identifier (but LEI) on your behalf. We may do not have to) pass such price improvement on to you. The effect of such action being that the level at which you offer to open or close a Transaction will, upon acceptance by us, be altered to the more favourable price. You acknowledge that this if we consider it is in your best interests for us to alter the level of your offer in the manner contemplated in this paragraph and you agree that any offer altered in accordance with this paragraph, once accepted by us, results in a fully binding agreement between us. Without derogating from the foregoing, you acknowledge that it is within our complete discretion as to when we will pass on a price improvement to you. You should also note that we will only pass on a price improvement within allowable limits.
15.16. Certain third-party companies may make available computerized solutions that facilitate the entry of trading orders or the execution of other activities on the Trading Platform (e.g. "trading robots") and/or allow for algorithm-based trading ("Robots" and/or "Robot Trading"). The use of any Robots and/or Robot Trading with the Trading Platform is in no way sanctioned by the Company and is at the Client's sole risk and responsibility. The Company makes no representations or warranties about the effectiveness, accuracy, functionality, performance, integrity, freedom-from-error or any other feature of any such Robots or Robot Trading solutions. Clients expressly acknowledge that the use of any Robots or engaging in Robot Trading is extremely risky and hereby absolve the company of liability for any damage caused as a result of the use of Robots and or Robot Trading. Any Transaction completed through the use of a Robot or through Robot Trading shall be considered to have been executed by the Client. The Company is under no obligation to facilitate the use of any Robot or to make available Robot Trading on the Trading Platform.
15.17. The Company is under no obligation, unless otherwise agreed in the Agreement, to monitor or advise the Client on the status of any Transaction or to close out any Client’s Open Positions. When the Company decides to do so, other than necessary in order to enforce the Negative Balance Protection, this will be done allow you to enter into Transactions with us. We may pass on a discretionary basis to you any charge we incur to obtain an LEI on your behalf and will not be considered we may charge you an undertaking of an obligation administration fee to continue. It is the Client’s responsibility to be aware of his positions at all timescover our costs.
15.18. If any Underlying Asset which 13.10 Where a situation arises that is a security becomes subject not contemplated by this Agreement you and we will resolve the matter using principles of good faith and fairness, guided both by normal market practices and the approach taken by our hedging counterparty with whom we have hedged our risk exposure to possible adjustments as a result of any of the events set out in section 15.19 (referred to as “Corporate Event”), the Company will determine the appropriate adjustment, if any, to be made to the opening/closing price, size, value and/or quantity of the corresponding Transaction (and also the level or size of the corresponding orders). This action is made in order to (i) account you for the diluting relevant Transaction or concentrating effect necessary to preserve the economic equivalent of the rights and obligations of the parties under that transaction immediately prior to that Corporate Event, and/or (ii) replicate the effect of the Corporate Event upon someone with an interest in the relevant Underlying Asset security, to be effective from the date determined by the CompanyTransactions.
15.19. The events to which paragraph 15.18 refers to are any of the following, by the declaration of the issuer of a security:
a. A subdivision, consolidation or reclassification of shares, a share buy-back or cancellation, or a free distribution of bonus shares to existing shareholders, capitalization or share split or reverse share split or similar event.
b. A distribution to existing holders of the shares or additional shares, other share capital or securities, granting the right to payment of dividends and/or proceeds from the liquidation of the issuer equally proportionate to such payments to holders of the underlying shares, securities, or warrants granting the right to receive or purchase shares for less than the current market price per share.
c. Any other event regarding shares analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of shares.
d. Any event analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of any security not based on shares.
e. Any event that is caused by a merger offer made regarding the company of the underlying asset.
15.20. If any Underlying Asset which is a security becomes subject to a specific risk resulting in a predicted fall in value, the Company reserves the right to restrict short selling or even withdraw the specific Underlying Asset from the Trading Platform.
15.21. Determination of any adjustment or amendment to the opening/closing price, size, value and/or quantity of the Transaction (and/or level or size of any order) shall be at the Company’s sole discretion and shall be conclusive and binding upon the Client. The Company shall inform the Client of any adjustment or amendment via its internal mail as soon as is reasonably practicable.
15.22. In the case where the Client deliberately attempts to take advantage of the fact that shares in a particular Spot Index going ex-dividend, the Company reserves the right to apply a dividend adjustment in the form of commission without prior notice or consent. In the case of short positions, the dividend adjustment will be debited from the client’s account where dividend adjustments = Index Dividend declared x position size in Lots.
Appears in 1 contract
Samples: Retail Clients Terms of Business
GENERAL RULES OF TRADING. 15.1. Once you place an Order on 8.1 All Orders placed by the Trading Platform, Client shall be transmitted for execution to another party (Liquidity Provider) hence the Company executes shall not be executing your Orders as counterparty in the said order by itself. It is understood that the Company executes the Client Orders in CFDs as principal to principal Transaction against the Clientyou.
15.2. 8.2 You acknowledge and agree that each Transaction conducted on the Trading Platform, including the placing of an Order, is comprised of first, an offer by you to us to complete a Transaction (whether such offer is to open a Transaction or close an open Transaction) at a certain price quoted on the Trading Platform, and our subsequent acceptance of your offer. A Transaction will be deemed to have been completed only when your offer has been received and accepted by us. Our acceptance of an offer will be evidenced by our confirmation of its terms to you and its completion.
15.3. 8.3 We will be under no obligation to, but may in our absolute discretion, provide quotes for, or accept, execute or cancel, all or any part of a Transaction that you have requested through the Trading Platform without giving any reason. You may request to cancel or amend a Transaction at any time prior to our completing such a Transaction. We shall be entitled, but not obliged, to accept such a request in our sole discretion.
15.4. 8.4 We reserve the right to void from the outset any Transaction containing or based on any Manifest Error. In the absence of our fraud or willful default, we will not be liable to you for any loss, cost, claim, demand or expense following any Manifest Error.
15.5. 8.5 You acknowledge that all prices and Quotes quotes shown on the Trading Platform are indicative only of actual trading prices in Normal Market Size and are subject to constant change. The Company provides Quotes quotes by taking into account the Underlying Asset price, but this does not mean that these Quotes quotes are within any specific percentage of the Underlying Asset price. When the relevant Underlying Market is closed, the Quotes quotes provided by the Company will reflect what the Company thinks to be the current Bid and Ask price of the relevant Underlying Asset at that time.
15.6. 8.6 You shall comply with any restrictions that we notify you from time to time with respect to your activities on the Trading Platform, including without limitation, the size of Transactions or other conditions that may apply to our quote. You acknowledge that we may offer to and impose on each user, in our sole discretion, different terms and restrictions with respect to their use of the Trading Platform.
15.7. 8.7 You acknowledge that the Trading Platform is independent of any Underlying Markets and we are under no obligation to quote a particular price or follow the trading rules consistent with such Underlying Markets. You further acknowledge that the triggering of your Transaction is linked to the prices we quote on the Trading Platform, not the prices quoted on the relevant Underlying Markets. In determining whether the prices quoted on the Trading Platform reach or exceed the price accepted by us in a Transaction, we will be entitled (but not obliged), in our absolute discretion, to disregard any prices quoted by us during any pre-market, post-post market or intra-day auction periods in the relevant Underlying Markets, during any intra-day intraday or other period of suspension in the relevant Underlying Markets, or during any other period that in our reasonable opinion may give rise to short-short- term price spikes or other distortions. Our prices may differ from the current prices on the relevant Underlying Markets and you acknowledge that a Transaction may be triggered even though: ● an :
a) An Underlying Market never traded at the level of your Transaction; or ● the or
b) The Underlying Market did trade at the level of your Transaction but for such a short period that it would have been impractical to execute an equivalent transaction on the Underlying Markets.
15.8. 8.8 When you complete a Transaction on the Trading Platform, you agree that you are not dealing on with a recognised recognized exchange.
15.98.9 You acknowledge that any prices quoted on the Trading Platform are set by the Liquidity Provider in its reasonable discretion, taking into account a variety of factors including prevailing market conditions and trading demand on the Trading Platform. You undertake and agree not to use the prices quoted on the Trading Platform for any purpose other than for your own trading purpose, and you agree not to redistribute our prices to any other person whether such redistribution is for commercial or other purposes.
15.10. 8.10 You acknowledge that each Transaction is made for a specified number of units that constitute the Underlying Asset. You may only complete Transactions on the Trading Platform for the minimum number of units as set forth on the Trading Platform as the "“Unit Amount"”, and in multiples of such "“Unit Amount" ” up until the maximum amount permitted by the Trading Platform. You acknowledge and agree that we may set, in our sole and absolute discretion, the "“Unit Amount" ” for each Underlying Asset.
15.11. 8.11 Each Transaction opened by you, and any Transaction completed, will be binding on you notwithstanding that by opening the Transaction you may have exceeded any credit or other limit applicable to you or in respect of your dealings with us. It is noted however that the Company applies a Negative Balance Protection Policy pursuant to which, you may not lose more than the amount deposit on the Platform. In the event that a Position is closed at such price causing your equity to fall below zero, the Company shall waive its right to receive the balance from the Client.
15.12. 8.12 Subject to paragraph 15.15 herein Paragraph 8.15 you may request a quote to open or close a Transaction for a particular Underlying Asset, at any time during the Trading Hours for such Underlying Asset. We will be under no obligation to but may, in our absolute discretion, provide a quote and accept and act on your offer to open or close a Transaction for an Underlying Asset outside of the Trading Hours of such Underlying Asset. In some cases, Transactions may only be traded during the time when the relevant Underlying Market where the Underlying Asset traded is open. Trading Hours are displayed on the Trading Platform under the details link for each specific Underlying Asset. It is your responsibility to ensure you are aware of which Underlying Asset may be affected.
15.13. 8.13 Without prejudice to any of our right hereunder, if, prior to the acceptance of your Order offer to open or close a Transaction, we become aware that any of the factors set out in paragraph 15.14 herein Paragraph
8.14 have not been met, we reserve the right to reject your Order offer outright. If we have, nevertheless, already opened or closed a Transaction prior to becoming aware that a factor set out in paragraph 15.14 herein Paragraph 8.14 has not been met, we may, in our absolute discretion, either treat such a Transaction as void from the outset or close it at our then prevailing price. However, we may, in our absolute discretion, allow you to open or, as the case may be, close the Transaction in which case you will be bound by the opening or closure of such Transaction, notwithstanding that the factors in paragraph 15.14 Paragraph 8.14 were not satisfied.
15.14. The factors referred to in paragraph 15.13 include the following: ● the quote must be obtained via the Trading Platform or by such other means as we may from time to time notify you. ● your offer to open or close the Transaction must be given while the quote is still valid. ● the quote must not contain a Manifest Error. ● when you offer to open a Transaction, the number of units in respect of which the Transaction is to be opened must be neither smaller than the minimum unit amount specified on the Trading Platform for the Instrument, as applicable, from time to time, nor greater than the amount permitted in accordance with the terms of this Agreement. ● when you offer to close part but not all of an open Transaction both the part of the Transaction that you offer to close and the part that would remain open if we accepted your offer must not be smaller than the minimum unit amount specified on the Trading Platform. ● Force Majeure Event must not have occurred when you offer to open or close a Transaction. ● an Event of Default must not have occurred in respect of you. ● when you offer to open any Transaction, the opening of the Transaction must not result in your exceeding any initial or maintenance margin amount, credit or other limit placed on your dealings. ● subject to paragraph 15.12, our offer must be given to us during the Trading Hours for the applicable Underlying Asset in respect of which you offer to open or close the Transaction. ● the internet connection or communications are not disrupted. ● there is no request of regulatory or supervisory authorities of Belarus or a court order to the contrary. ● the legality or genuineness of the Order is not under doubt. ● there are Normal Market Conditions; and ● any other reasonable factor that we, in our sole discretion, notify you from time to time.
15.15. If, before your offer to open or close a Transaction is accepted by us, our quote moves to your advantage (for example, if the price goes down as you buy, or the price goes up as you sell) you agree that we can (but do not have to) pass such price improvement on to you. The effect of such action being that the level at which you offer to open or close a Transaction will, upon acceptance by us, be altered to the more favourable price. You acknowledge that it is in your best interests for us to alter the level of your offer in the manner contemplated in this paragraph and you agree that any offer altered in accordance with this paragraph, once accepted by us, results in a fully binding agreement between us. Without derogating from the foregoing, you acknowledge that it is within our complete discretion as to when we will pass on a price improvement to you. You should also note that we will only pass on a price improvement within allowable limits.
15.16. Certain third-party companies may make available computerized solutions that facilitate the entry of trading orders or the execution of other activities on the Trading Platform (e.g. "trading robots") and/or allow for algorithm-based trading ("Robots" and/or "Robot Trading"). The use of any Robots and/or Robot Trading with the Trading Platform is in no way sanctioned by the Company and is at the Client's sole risk and responsibility. The Company makes no representations or warranties about the effectiveness, accuracy, functionality, performance, integrity, freedom-from-error or any other feature of any such Robots or Robot Trading solutions. Clients expressly acknowledge that the use of any Robots or engaging in Robot Trading is extremely risky and hereby absolve the company of liability for any damage caused as a result of the use of Robots and or Robot Trading. Any Transaction completed through the use of a Robot or through Robot Trading shall be considered to have been executed by the Client. The Company is under no obligation to facilitate the use of any Robot or to make available Robot Trading on the Trading Platform.
15.17. The Company is under no obligation, unless otherwise agreed in the Agreement, to monitor or advise the Client on the status of any Transaction or to close out any Client’s Open Positions. When the Company decides to do so, other than in order to enforce the Negative Balance Protection, this will be done on a discretionary basis and will not be considered an undertaking of an obligation to continue. It is the Client’s responsibility to be aware of his positions at all times.
15.18. If any Underlying Asset which is a security becomes subject to possible adjustments as a result of any of the events set out in section 15.19 (referred to as “Corporate Event”), the Company will determine the appropriate adjustment, if any, to be made to the opening/closing price, size, value and/or quantity of the corresponding Transaction (and also the level or size of the corresponding orders). This action is made in order to (i) account for the diluting or concentrating effect necessary to preserve the economic equivalent of the rights and obligations of the parties under that transaction immediately prior to that Corporate Event, and/or (ii) replicate the effect of the Corporate Event upon someone with an interest in the relevant Underlying Asset security, to be effective from the date determined by the Company.
15.19. The events to which paragraph 15.18 refers to are any of the following, by the declaration of the issuer of a security:
a. A subdivision, consolidation or reclassification of shares, a share buy-back or cancellation, or a free distribution of bonus shares to existing shareholders, capitalization or share split or reverse share split or similar event.
b. A distribution to existing holders of the shares or additional shares, other share capital or securities, granting the right to payment of dividends and/or proceeds from the liquidation of the issuer equally proportionate to such payments to holders of the underlying shares, securities, or warrants granting the right to receive or purchase shares for less than the current market price per share.
c. Any other event regarding shares analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of shares.
d. Any event analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of any security not based on shares.
e. Any event that is caused by a merger offer made regarding the company of the underlying asset.
15.20. If any Underlying Asset which is a security becomes subject to a specific risk resulting in a predicted fall in value, the Company reserves the right to restrict short selling or even withdraw the specific Underlying Asset from the Trading Platform.
15.21. Determination of any adjustment or amendment to the opening/closing price, size, value and/or quantity of the Transaction (and/or level or size of any order) shall be at the Company’s sole discretion and shall be conclusive and binding upon the Client. The Company shall inform the Client of any adjustment or amendment via its internal mail as soon as is reasonably practicable.
15.22. In the case where the Client deliberately attempts to take advantage of the fact that shares in a particular Spot Index going ex-dividend, the Company reserves the right to apply a dividend adjustment in the form of commission without prior notice or consent. In the case of short positions, the dividend adjustment will be debited from the client’s account where dividend adjustments = Index Dividend declared x position size in Lots.
Appears in 1 contract
Samples: Client Agreement
GENERAL RULES OF TRADING. 15.1. Once you place 18.1 Without prejudice to any other provisions herein and in particular paragraph 18.14 of this Client Agreement, once the Client places an Order on the Trading Platform, the Company executes arranges for the execution of the said order by itselfOrder with the Execution Venue according to the Summary of Best Interest and Order Execution Policy, found on the Company’s Website. It is understood that the Company executes does not execute the Client Orders in CFDs as a principal to principal against the Client, i.e. the Company is not itself the Execution Venue (as defined in Commission Directive 2006/73/EC implementing MiFID) for the execution of the Client Orders.
15.2. 18.2 You acknowledge and agree that each Transaction conducted on the Trading Platform, including the placing of an Order, is comprised of first, first an offer by you to us to complete a Transaction (whether such offer is to open a Transaction Position or close an open TransactionOpen Position) at a certain price quoted on the Trading Platform, and our subsequent acceptance of your offer. A Transaction An Offer will be deemed to have been completed only when your offer has been received and accepted by us. Our acceptance of an offer will be evidenced by our confirmation of its terms to you and its completion.
15.3. We will be under no obligation to, but may in our absolute discretion, provide quotes for, or accept, execute or cancel, all or any part of a Transaction that you have requested through the Trading Platform without giving any reason. 18.3 You may request to cancel or amend a Transaction at any time prior to our completing such a Transaction. We shall be entitled, but not obliged, to accept such a request in our sole discretion.
15.4. 18.4 We reserve the right to void from the outset any Transaction containing or based on any Manifest Error. In the absence of our fraud or willful default, we will not be liable to you for any loss, cost, claim, demand or expense following any Manifest Error.
15.5. 18.5 You acknowledge that all of our prices and Quotes shown on the Trading Platform are indicative only of actual trading prices in Normal Market Size and are subject to constant changethe ones provided by the Company’s Execution Venue. The Company provides Quotes by taking into account the Underlying Asset price, but this does not mean that these Quotes are within any specific percentage Execution Venue obtains prices (BID and ASK prices) of the Underlying Asset pricefor a given CFD from third party reputable external reference sources (i.e. price feeders). When The Execution Venue then uses these prices to calculate their own tradable prices for a given CFD and provide them to the relevant Underlying Market is closed, the Quotes provided by the Company will reflect what the Company thinks to be the current Bid and Ask price of the relevant Underlying Asset at that timeCompany.
15.6. 18.6 You shall comply with any restrictions that we notify to you from time to time with respect to your activities on the Trading Platform, including without limitation, the size of Transactions or other conditions that may apply to our quoteQuote. You acknowledge that we may offer to and impose on each userClient, in our sole discretion, different terms and restrictions with respect to their use of the Trading Platform.
15.7. 18.7 You acknowledge that the Trading Platform is independent of any Underlying Markets and we are under no obligation to quote a particular price or follow the trading rules consistent with such Underlying Markets. You further acknowledge that the triggering of your Transaction Order is linked to the prices we quote quoted on the Trading Platform, not the prices quoted elsewhere on the relevant Underlying MarketsMarkets and the Company does not guarantee that when executing an Order its price will be more favorable than one which might be available elsewhere. In determining whether the prices quoted on the Trading Platform reach or exceed the price accepted by us in a Transaction, we will be entitled (but not obliged), in our absolute discretion, to disregard any prices quoted by us on our Platform during any pre-market, post-market or intra-day auction periods in the relevant Underlying Markets, during any intra-day or other period of suspension in the relevant Underlying Markets, or during any other period that in our reasonable opinion may give rise to short-term price spikes or other distortions. Our prices may differ from the current prices on the relevant Underlying Markets and you acknowledge that a Transaction may be triggered even though: ● :
a. an Underlying Market never traded at the level of your Transaction; or ● or
b. the Underlying Market did trade at the level of your Transaction but for such a short period that it would have been impractical to execute an equivalent transaction on the Underlying Markets.
15.8. 18.8 When you complete a Transaction place an Order on the Trading Platform, you agree that you are not dealing on with a recognised recognized exchange.
15.9. 18.9 You undertake and agree not to use the prices quoted on the Trading Platform for any purpose other than for your own trading purpose, and you agree not to redistribute our prices to any other person whether such redistribution is for commercial or other purposes.
15.10. 18.10 You acknowledge that each Transaction is made for a specified number of units that constitute the Underlying Asset. You may only complete Transactions on the Trading Platform for the minimum number of units as set forth on the Trading Platform as the "Unit Amount", and in multiples of such "Unit Amount" up until the maximum amount permitted by the Trading Platform. You acknowledge and agree that we may set, in our sole and absolute discretion, the "Unit Amount" for each Underlying Asset.
15.11. 18.11 Each Transaction Position opened by you, and any Transaction completed, will be binding on you notwithstanding that by opening the Transaction Position you may have exceeded any credit or other limit applicable to you or in respect of your dealings with us. It is noted however that the Company applies a Negative Balance Protection Policy pursuant to which, you may not lose more than the amount deposit on the Platform. In the event that a Position is closed at such price causing your equity to fall below zero, the Company shall waive its right to receive the balance from the Client.
15.12. Subject to paragraph 15.15 herein you 18.12 You may request a quote Quote to open or close a Transaction Position for a particular Underlying Asset, at any time during the Trading Hours for such Underlying Asset. We will be under no obligation to but may, in our absolute discretion, provide a quote Quote and accept and act on your offer to open or close a Transaction Position for an Underlying Asset outside of the Trading Hours of such Underlying Asset. In some cases, Transactions may only be traded during the time when the relevant Underlying Market is open. Trading Hours are displayed on the Trading Platform under the details link for each specific Underlying Asset. It is your responsibility to ensure you are aware of which Underlying Asset may be affected.
15.13. 18.13 Without prejudice to any of our right hereunder, if, prior to the acceptance of your Order to open or close a TransactionPosition, we become aware that any of the factors set out in paragraph 15.14 18.14 herein have not been met, we reserve the right to reject your Order outright. If we have, nevertheless, already opened or closed a Transaction Position prior to becoming aware that a factor set out in paragraph 15.14 18.14 herein has not been met, we may, in our discretion, either treat such a Transaction as void from the outset or close it the Open Position at our then prevailing price. However, we may, in our absolute discretion, allow you to open or, as the case may be, close the Transaction Open Position in which case you will be bound by the opening or closure of such TransactionPosition, notwithstanding that the factors in paragraph 15.14 18.14 herein were not satisfied.
15.14. 18.14 The factors referred to in paragraph 15.13 include 18.13include the following: ● :
a. the quote must be obtained via the Trading Platform or by such other means as we may from time to time notify you. ● ;
b. your offer to open or close the Transaction Position must be given while the quote is still valid. ● ;
c. the quote Quote must not contain a Manifest Error. ● ;
d. when you offer to open a TransactionPosition, the number of units in respect of which the Transaction is to be opened must be neither smaller than the minimum unit amount specified on the Trading Platform for the InstrumentPlatform, as applicable, from time to time, nor greater than the amount permitted in accordance with the terms of this Agreement. ● ;
e. when you offer to close part but not all of an open Transaction Position both the part of the Transaction Position that you offer to close and the part that would remain open if we accepted your offer must not be smaller than the minimum unit amount specified on the Trading Platform. ● ;
f. Force Majeure Event must not have occurred when you offer to open or close a Transaction. ● an , which affect the execution of the Transaction;
g. An Event of Default must not have occurred in respect of you. ● ;
h. when you offer to open any TransactionPosition, the opening of the Transaction must not result in your exceeding any initial Initial or maintenance margin Maintenance Margin amount, credit or other limit placed on your dealings. ● ;
i. subject to paragraph 15.1218.12 herein, our your offer must be given to us during the Trading Hours for the applicable Underlying Asset in respect of which you offer to open or close the Transaction. ● Position;
j. the internet connection or communications are not disrupted. ● ;
k. there is no request of regulatory or supervisory authorities of Belarus Cyprus or a court order to the contrary. ● ;
l. the legality or genuineness of the Order is not under doubt. ● ;
m. there are Normal Market Conditions; ;
n. and ● any other reasonable factor that we, in our sole discretion, notify you from time to time.
15.15. If, before your offer to open or close a Transaction is accepted by us, our quote moves to your advantage (for example, if the price goes down as you buy, or the price goes up as you sell) you agree that we can (but do not have to) pass such price improvement on to you. The effect of such action being that the level at which you offer to open or close a Transaction will, upon acceptance by us, be altered to the more favourable price. You acknowledge that it is in your best interests for us to alter the level of your offer in the manner contemplated in this paragraph and you agree that any offer altered in accordance with this paragraph, once accepted by us, results in a fully binding agreement between us. Without derogating from the foregoing, you acknowledge that it is within our complete discretion as to when we will pass on a price improvement to you. You should also note that we will only pass on a price improvement within allowable limits.
15.16. Certain third-party companies may make available computerized solutions that facilitate the entry of trading orders or the execution of other activities on the Trading Platform (e.g. "trading robots") and/or allow for algorithm-based trading ("Robots" and/or "Robot Trading"). The use 18.15 Use of any Robots and/or Robot Trading robots, spiders or other automated data entry system with the Trading Platform is in no way sanctioned expressly prohibited, unless you receive express written consent by the Company and is at prior to activating the Client's sole risk and responsibilityrobot. The Company makes no representations or warranties about the effectiveness, accuracy, functionality, performance, integrity, freedom-from-error or any other feature of any such Robots or Robot Trading solutions. Clients expressly acknowledge that the use of any Robots or engaging in Robot Trading is extremely risky and hereby absolve the company of liability for any damage caused as a result of the use of Robots and or Robot Trading. Any Transaction All Transactions must be completed through the use of a Robot or through Robot Trading shall be considered to have been executed manually by the Client. The Company is under no obligation to facilitate the use of any Robot or to make available Robot Trading on the Trading Platformyou.
15.17. 18.16 The Company is under no obligation, unless otherwise agreed in the Agreement, to monitor or advise the Client on the status of any Transaction or to close out any Client’s Open Positions. When the Company decides to do so, other than in order to enforce the Negative Balance Protection, this will be done on a discretionary basis and will not be considered an undertaking of an obligation to continue. It is the Client’s responsibility to be aware of his positions at all times.
15.18. 18.17 If any Underlying Asset which is a security becomes subject to possible adjustments as a result of any of the events set out in section 15.19 18.18 (referred to as “Corporate Event”), the Company will determine the appropriate adjustment, if any, to be made to the opening/closing price, size, value and/or quantity of the corresponding Transaction (and also the level or size of the corresponding orders). This action is made in order to (i) account for the diluting or concentrating effect necessary to preserve the economic equivalent of the rights and obligations of the parties under that transaction immediately prior to that Corporate Event, and/or (ii) replicate the effect of the Corporate Event upon someone with an interest in the relevant Underlying Asset security, to be effective from the date determined by the Company.
15.19. 18.18 The events to which paragraph 15.18 18.17 refers to are any of the following, by the declaration of the issuer of a security:
a. A subdivision, consolidation or reclassification of shares, a share buy-back or cancellation, or a free distribution of bonus shares to existing shareholders, capitalization or share split or reverse share split or similar event.;
b. A distribution to existing holders of the shares or additional shares, other share capital or securities, granting the right to payment of dividends and/or proceeds from the liquidation of the issuer equally proportionate to such payments to holders of the underlying shares, securities, or warrants granting the right to receive or purchase shares for less than the current market price per share.;
c. Any other event regarding shares analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of shares.;
d. Any event analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of any security not based on shares.;
e. Any Or any event that is caused by a merger offer made regarding the company of the underlying asset.
15.20. 18.19 If any Underlying Asset which is a security becomes subject to a specific risk resulting in a predicted fall in value, the Company reserves the right to restrict short selling or even withdraw the specific Underlying Asset from the Trading Platform.
15.21. 18.20 Determination of any adjustment or amendment to the opening/closing price, size, value and/or quantity of the Transaction (and/or level or size of any order) shall be at the Company’s sole discretion and shall be conclusive and binding upon the Client. The Company shall inform the Client of any adjustment or amendment via its internal mail as soon as is reasonably practicable.
15.22. 18.21 In the case where the Client deliberately attempts to take advantage of the fact that shares in a particular Spot Index going ex-dividend, the Company reserves the right to apply a dividend adjustment in the form of commission without prior notice or consent. In the case of short positions, the dividend adjustment will be debited from the client’s account where dividend adjustments = Index Dividend declared x position size in Lots.
Appears in 1 contract
Samples: Client Agreement
GENERAL RULES OF TRADING. 15.1. Once you place an Order on the Trading Platform, the Company executes the said order by itself. It is understood that the Company executes the Client Orders in CFDs as principal to principal against the Client.
15.210.1. You acknowledge and agree that each Transaction conducted on the Trading Platform, including the placing of an Order, is comprised of first, first an offer by you to us to complete a Transaction (whether such offer is to open a Transaction Position or close an open TransactionOpen Position) at a certain price quoted on the Trading Platform, and our subsequent acceptance of your offer. A Transaction An Offer will be deemed to have been completed only when your offer has been received and accepted by us. Our acceptance of an offer will be evidenced by our confirmation of its terms to you and its completion.
15.3. We will be under no obligation to, but may in our absolute discretion, provide quotes for, or accept, execute or cancel, all or any part of a Transaction that you have requested through the Trading Platform without giving any reason10.2. You may request to cancel or amend a Transaction at any time prior to our completing such a Transaction. We shall be entitled, but not obliged, to accept such a request in our sole discretion.
15.4. We reserve the right to void from the outset any Transaction containing or based on any Manifest Error. In the absence of our fraud or willful default, we will not be liable to you for any loss, cost, claim, demand or expense following any Manifest Error.
15.5. You acknowledge that all prices and Quotes shown on the Trading Platform are indicative only of actual trading prices in Normal Market Size and are subject to constant change. The Company provides Quotes by taking into account the Underlying Asset price, but this does not mean that these Quotes are within any specific percentage of the Underlying Asset price. When the relevant Underlying Market is closed, the Quotes provided by the Company will reflect what the Company thinks to be the current Bid and Ask price of the relevant Underlying Asset at that time.
15.610.3. You shall comply with any restrictions that we notify to you from time to time with respect to your activities on the Trading Platform, including without limitation, the size of Transactions or other conditions that may apply to our quoteQuote. You acknowledge that we may offer to and impose on each userClient, in our sole discretion, different terms and restrictions with respect to their use of the Trading Platform.
15.710.4. You acknowledge that the Trading Platform is independent of any Underlying Markets and we are under no obligation to quote a particular price or follow the trading rules consistent with such Underlying Markets. You further acknowledge that the triggering of your Transaction Order is linked to the prices we quote quoted on the Trading Platform, not the prices quoted elsewhere on the relevant Underlying MarketsMarkets and the Company does not guarantee that when executing an Order its price will be more favourable than one which might be available elsewhere. In determining whether the prices quoted on the Trading Platform reach or exceed the price accepted by us in a Transaction, we will be entitled (but not obliged), in our absolute discretion, to disregard any prices quoted by us on our Platform during any pre-market, post-market or intra-day auction periods in the relevant Underlying Markets, during any intra-day or other period of suspension in the relevant Underlying Markets, or during any other period that in our reasonable opinion may give rise to short-term price spikes or other distortions. Our prices may differ from the current prices on the relevant Underlying Markets and you acknowledge that a Transaction may be triggered even though: ● :
(a) an Underlying Market never traded at the level of your Transaction; or ● or
(b) the Underlying Market did trade at the level of your Transaction but for such a short period that it would have been impractical to execute an equivalent transaction on the Underlying Markets.
15.810.5. When you complete a Transaction place an Order on the Trading Platform, you agree that you are not dealing on a recognised recognized exchange.
15.910.6. You undertake and agree not to use the prices quoted on the Trading Platform for any purpose other than for your own trading purpose, and you agree not to redistribute our prices to any other person whether such redistribution is for commercial or other purposes.
15.1010.7. You acknowledge that each Transaction is made for a specified number of units that constitute the Underlying Asset. You may only complete Transactions on the Trading Platform for the minimum number of units as set forth on the Trading Platform as the "Unit Amount", and in multiples of such "Unit Amount" up until the maximum amount permitted by the Trading Platform. You acknowledge and agree that we may set, in our sole and absolute discretion, the "Unit Amount" for each Underlying Asset.
15.1110.8. Each Transaction Position opened by you, and any Transaction completed, will be binding on you notwithstanding that by opening the Transaction Position you may have exceeded any credit or other limit applicable to you or in respect of your dealings with us. It is noted however that the Company applies a Negative Balance Protection Policy pursuant to which, you may not lose more than the amount deposit on the Platform. In the event that a Position is closed at such price causing your equity to fall below zero, the Company shall waive its right to receive the balance from the Client.
15.1210.9. Subject to paragraph 15.15 herein you You may request a quote Quote to open or close a Transaction Position for a particular Underlying Asset, at any time during the Trading Hours for such Underlying Asset. We will be under no obligation to but may, in our absolute discretion, provide a quote Quote and accept and act on your offer to open or close a Transaction Position for an Underlying Asset outside of the Trading Hours of such Underlying Asset. In some cases, Transactions may only be traded during the time when the relevant Underlying Market is open. Trading Hours are displayed on the Trading Platform under the details link for each specific Underlying Asset. It is your responsibility to ensure you are aware of which Underlying Asset may be affected.
15.1310.10. Without prejudice to Use of any of our right hereunderrobots, if, prior to the acceptance of your Order to open or close a Transaction, we become aware that any of the factors set out in paragraph 15.14 herein have not been met, we reserve the right to reject your Order outright. If we have, nevertheless, already opened or closed a Transaction prior to becoming aware that a factor set out in paragraph 15.14 herein has not been met, we may, in our discretion, either treat such a Transaction as void from the outset or close it at our then prevailing price. However, we may, in our absolute discretion, allow you to open or, as the case may be, close the Transaction in which case you will be bound by the opening or closure of such Transaction, notwithstanding that the factors in paragraph 15.14 were not satisfied.
15.14. The factors referred to in paragraph 15.13 include the following: ● the quote must be obtained via the Trading Platform or by such other means as we may from time to time notify you. ● your offer to open or close the Transaction must be given while the quote is still valid. ● the quote must not contain a Manifest Error. ● when you offer to open a Transaction, the number of units in respect of which the Transaction is to be opened must be neither smaller than the minimum unit amount specified on the Trading Platform for the Instrument, as applicable, from time to time, nor greater than the amount permitted in accordance with the terms of this Agreement. ● when you offer to close part but not all of an open Transaction both the part of the Transaction that you offer to close and the part that would remain open if we accepted your offer must not be smaller than the minimum unit amount specified on the Trading Platform. ● Force Majeure Event must not have occurred when you offer to open or close a Transaction. ● an Event of Default must not have occurred in respect of you. ● when you offer to open any Transaction, the opening of the Transaction must not result in your exceeding any initial or maintenance margin amount, credit spiders or other limit placed on your dealings. ● subject to paragraph 15.12, our offer must be given to us during the Trading Hours for the applicable Underlying Asset in respect of which you offer to open or close the Transaction. ● the internet connection or communications are not disrupted. ● there is no request of regulatory or supervisory authorities of Belarus or a court order to the contrary. ● the legality or genuineness of the Order is not under doubt. ● there are Normal Market Conditions; and ● any other reasonable factor that we, in our sole discretion, notify you from time to time.
15.15. If, before your offer to open or close a Transaction is accepted by us, our quote moves to your advantage (for example, if the price goes down as you buy, or the price goes up as you sell) you agree that we can (but do not have to) pass such price improvement on to you. The effect of such action being that the level at which you offer to open or close a Transaction will, upon acceptance by us, be altered to the more favourable price. You acknowledge that it is in your best interests for us to alter the level of your offer in the manner contemplated in this paragraph and you agree that any offer altered in accordance with this paragraph, once accepted by us, results in a fully binding agreement between us. Without derogating from the foregoing, you acknowledge that it is within our complete discretion as to when we will pass on a price improvement to you. You should also note that we will only pass on a price improvement within allowable limits.
15.16. Certain third-party companies may make available computerized solutions that facilitate the automated data entry of trading orders or the execution of other activities on the Trading Platform (e.g. "trading robots") and/or allow for algorithm-based trading ("Robots" and/or "Robot Trading"). The use of any Robots and/or Robot Trading system with the Trading Platform is in no way sanctioned expressly prohibited, unless you receive express written consent by the Company and is at prior to activating the Client's sole risk and responsibilityrobot. The Company makes no representations or warranties about the effectiveness, accuracy, functionality, performance, integrity, freedom-from-error or any other feature of any such Robots or Robot Trading solutions. Clients expressly acknowledge that the use of any Robots or engaging in Robot Trading is extremely risky and hereby absolve the company of liability for any damage caused as a result of the use of Robots and or Robot Trading. Any Transaction All Transactions must be completed through the use of a Robot or through Robot Trading shall be considered to have been executed manually by the Client. The Company is under no obligation to facilitate the use of any Robot or to make available Robot Trading on the Trading Platformyou.
15.1710.11. The Company is under no obligation, unless otherwise agreed in the Agreement, to monitor or advise the Client on the status of any Transaction or to close out any Client’s Open Positions. When the Company decides to do so, other than in order to enforce the Negative Balance Protection, this will be done on a discretionary basis and will not be considered an undertaking of an obligation to continueTransaction. It is the Client’s responsibility to be aware of his positions at all times. It is noted that the Company offers margin close-out protection to retail CFD trading accounts.
15.1810.12. If any Underlying Asset which is a security becomes subject to possible adjustments as a result of any One or more of the events set out in section 15.19 Client’s trades may be affected by a corporate action type event (referred to as “Corporate EventAction”)) the occurrence of which may have a dramatic effect on their trade(s) and/or on their trading account generally. A Corporate Action can include but is not limited to:
a) any rights, the Company will determine the appropriate adjustmentscrip, if anybonus, to be made to the opening/closing pricecapitalisation or other issue or offer of shares, size, value and/or quantity warrants or options
b) any acquisition or cancellation of the corresponding Transaction (and also the level or size of the corresponding orders). This action is made in order to (i) account for the diluting or concentrating effect necessary to preserve the economic equivalent of the rights and obligations of the parties under that transaction immediately prior to that Corporate Event, and/or (ii) replicate the effect of the Corporate Event upon someone with an interest in the relevant Underlying Asset security, to be effective from the date determined own shares by the Company.
15.19. The events to which paragraph 15.18 refers to are issuer any of the followingreduction, by the declaration of the issuer of a security:
a. A subdivision, consolidation or reclassification of share capital
c) any distribution of cash or shares, including any payment of dividend
d) a share buytake-back over or cancellationmerger offer
e) any amalgamation or reconstruction affecting the shares concerned The Company will undertake any actions that it considers reasonable and necessary to give effect to the Corporate Action as it relates to the Client’s CFD trade(s). The actions the Company may take upon the occurrence of a Corporate Action are as follows:
a) the Client’s trading account may be credited or debited with an amount due b) the Client’s open trades and/or working Orders including any Take Profit or Stop Loss Orders may be adjusted, closed or a free distribution of bonus shares cancelled to existing shareholders, capitalization or share split or reverse share split or similar event.
b. A distribution to existing holders reflect the terms of the shares or additional shares, other share capital or securities, granting the right to payment of dividends and/or proceeds from the liquidation of the issuer equally proportionate to such payments to holders of the underlying shares, securities, or warrants granting the right to receive or purchase shares for less than the current market price per share.
c. Any other event regarding shares analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of shares.
d. Any event analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of any security not based on shares.
e. Any event that is caused by a merger offer made regarding the company of the underlying asset.
15.20. If any Underlying Asset which is a security becomes subject to a specific risk resulting in a predicted fall in value, the Company reserves the right to restrict short selling or even withdraw the specific Underlying Asset from the Trading Platform.
15.21. Determination of any adjustment or amendment to the opening/closing price, size, value and/or quantity of the Transaction (and/or level or size of any order) shall be at the Company’s sole discretion and shall be conclusive and binding upon the Client. The Company shall inform the Client of any adjustment or amendment via its internal mail as soon as is reasonably practicable.
15.22. In the case where the Client deliberately attempts to take advantage of the fact that shares in a particular Spot Index going ex-dividend, the Company reserves the right to apply a dividend adjustment in the form of commission without prior notice or consent. In the case of short positions, the dividend adjustment will be debited from the client’s account where dividend adjustments = Index Dividend declared x position size in Lots.Corporate Action
Appears in 1 contract
Samples: Client Agreement
GENERAL RULES OF TRADING. 15.18.1. Once you place an Order on All Orders placed by the Trading Platform, Client shall be transmitted for execution to another party (Liquidity Provider) hence the Company executes shall not be executing your Orders as counterparty in the said order by itself. It is understood that the Company executes the Client Orders in CFDs as principal to principal Transaction against the Clientyou.
15.28.2. You acknowledge and agree that each Transaction conducted on the Trading Platform, including the placing of an Order, is comprised of first, an offer by you to us to complete a Transaction (whether such offer is to open a Transaction or close an open Transaction) at a certain price quoted on the Trading Platform, and our subsequent acceptance of your offer. A Transaction will be deemed to have been completed only when your offer has been received and accepted by us. Our acceptance of an offer will be evidenced by our confirmation of its terms to you and its completion.
15.38.3. We will be under no obligation to, but may in our absolute discretion, provide quotes for, or accept, execute or cancel, all or any part of a Transaction that you have requested requ ested through the Trading Platform without giving any reason. You may request to cancel or amend a Transaction at any time prior to our completing such a Transaction. We shall be entitled, but not obliged, to accept such a request in our sole discretion.
15.48.4. We reserve the right to void from the outset any Transaction containing or based on any Manifest Error. In the absence of our fraud or willful wilful default, we will not be liable to you for any loss, cost, claim, demand or expense following any Manifest Error.
15.58.5. You acknowledge that all prices and Quotes quotes shown on the Trading Platform are indicative only of actual xxx.xxxxxxxxxxxxxxxxxxxxxxxx.xxx xxxx@xxxxxxxxxxxxxxxxxxxxxxxx.xxx +(00) 00 0000 0000 trading prices in Normal Market Size normal market size and are subject to constant change. The Company provides Quotes quotes by taking into account the Underlying Asset price, but this does not mean that these Quotes quotes are within any specific percentage of the Underlying Asset price. When the relevant Underlying Market is closed, the Quotes quotes provided by the Company will reflect what the Company thinks to be the current Bid and Ask price of the relevant Underlying Asset at that time.
15.68.6. You shall comply with any restrictions that we notify to you from time to time with respect to your activities on the Trading Platform, including without limitation, the size of Transactions or other conditions that may apply to our quote. You acknowledge that we may offer to and impose on each user, in our sole discretion, different terms and restrictions with respect to their use of the Trading Platform.
15.78.7. You acknowledge that the Trading Platform is independent of any Underlying Markets and we are under no obligation to quote a particular price or follow the trading rules consistent with such Underlying Markets. You further acknowledge that the triggering of your Transaction is linked to the prices we quote on the Trading Platform, not the prices quoted on the relevant Underlying Markets. In determining whether the prices quoted on the Trading Platform reach or exceed the price accepted by us in a Transaction, we will w ill be entitled (but not obliged), in our absolute discretion, to disregard any prices quoted by us during any pre-market, post-market or intra-day auction periods in the relevant Underlying Markets, during any intra-day or other period of suspension in the relevant Underlying Markets, or during any other period that in our reasonable opinion may give rise to short-short- term price spikes or other distortions. Our prices may differ from the current prices on the relevant Underlying Markets and you acknowledge that a Transaction may be triggered even though: ● an :
(a) An Underlying Market never traded at the level of your Transaction; or ● the or
(b) The Underlying Market did trade at the level of your Transaction but for such a short period that it would have been impractical to execute an equivalent transaction on the Underlying Markets.
15.88.8. When you complete a Transaction on the Trading Platform, you agree that you are not dealing on a recognised recognized exchange.
15.98.9. You acknowledge that any prices quoted on the Trading Platform are set by the Liquidity Provider in its reasonable discretion, taking into account a variety of factors including prevailing market conditions and trading demand on the Trading Platform. You undertake and agree not to use the prices quoted on the Trading Tradin g Platform for any purpose other than for your own trading purpose, and you agree not to redistribute our prices to any other person whether such redistribution is for commercial or other purposes.
15.108.10. You acknowledge that each Transaction is made for a specified number of units that constitute the Underlying Asset. You may only complete Transactions on the Trading Platform for the minimum number of units as set forth on the Trading Platform as the "“Unit Amount"”, and in multiples of such "“Unit Amount" Amou nt” up until the maximum amount permitted by the Trading Platform. You acknowledge and agree that we may set, in our sole and absolute discretion, the "“Unit Amount" ” for each Underlying Asset.
15.118.11. Each Transaction opened by you, and any Transaction completedcompl eted, will be binding on you notwithstanding that by opening the Transaction you may have exceeded any credit or other limit applicable to you or in respect of your dealings with us. It is noted however that the Company applies a Negative Balance Protection Policy pursuant to which, you may not lose more than the amount deposit on the Platform. In the event that a Position is closed at such price causing your equity to fall below zero, the Company shall waive its right to receive the balance from the Client.xxx.xxxxxxxxxxxxxxxxxxxxxxxx.xxx xxxx@xxxxxxxxxxxxxxxxxxxxxxxx.xxx +(00) 00 0000 0000
15.128.12. Subject to paragraph 15.15 herein Paragraph 8.15 you may request a quote to open or close a Transaction for a particular Underlying Asset, at any time during the Trading Hours for such Underlying Asset. We will be under no obligation to but may, in our absolute discretion, provide a quote and accept and act on your offer to open or close a Transaction Tra nsaction for an Underlying Asset outside of the Trading Hours of such Underlying Asset. In some cases, cases Transactions may only be traded during the time when the relevant Underlying Market where the Underlying Asset traded is open. Trading Hours are displayed on the Trading Platform under the details link for each specific Underlying Asset. It is your responsibility to ensure you are aware of which Underlying Asset may be affected.
15.138.13. Without prejudice to any of our right hereunder, if, prior to the acceptance accept ance of your Order offer to open or close a Transaction, we become aware that any of the factors set out in paragraph 15.14 herein Paragraph 8.14 have not been met, we reserve the right to reject your Order offer outright. If we have, nevertheless, already opened or closed a Transaction prior to becoming aware that a factor set out in paragraph 15.14 herein Paragraph 8.14 has not been met, we may, in our absolute discretion, either treat such a Transaction as void from the outset or close it at our then prevailing price. However, we may, in our absolute discretion, allow you to open or, as the case may be, close the Transaction in which case you will be bound by the opening or closure of such Transaction, notwithstanding that the factors in paragraph 15.14 Paragraph 8.14 were not satisfied.
15.148.14. The factors referred to in paragraph 15.13 Paragraph 8.13 include the following: ● :
(a) the quote must be obtained via the Trading Platform or by such other means as we may from time to time notify you. ● ;
(b) your offer to open or close the Transaction must be given while the quote is still valid. ● ;
(c) the quote must not contain a Manifest Error. ● ;
(d) when you offer to open a Transaction, the number of units in respect of which the Transaction is to be opened must be neither smaller than the minimum unit amount specified on the Trading Platform Platfo rm for the Instrument, as applicable, from time to time, nor greater than the amount permitted in accordance with the terms of this Agreement. ● ;
(e) when you offer to close part but not all of an open Transaction both the part of the Transaction that you offer off er to close and the part that would remain open if we accepted your offer must not be smaller than the minimum unit amount specified on the Trading Platform. ● ;
(f) Force Majeure Event must not have occurred when you offer to open or close a Transaction. ● ;
(g) an Event of Default must not have occurred in respect of you. ● ,
(h) when you offer to open any Transaction, the opening of the Transaction must not result in your exceeding any initial or maintenance margin amount, credit or other limit placed on your dealings. ● ;
(i) subject to paragraph 15.12Paragraph 8.12, our your offer must be given to us during the Trading Hours for the applicable Underlying Asset in respect of which you offer to open or close the Transaction. ● ;
(j) the internet connection or communications are not disrupted. ●
(k) there is no request of regulatory or supervisory authorities of Belarus Seychelles or a court order to the contrary. ● ;
(l) the legality or genuineness of the Order is under not under doubt. ● ;
(m) there are Normal Market Conditions; and ● and
(n) any other reasonable factor that we, in our sole discretion, notify you from time to time.
15.158.15. If, before your offer to open or close a Transaction is accepted by us, our quote moves to your advantage (for example, if the price goes down as you buy, buy or the price goes up as you sell) you agree that we can (but do not have to) pass such price improvement on to you. The effect of such action being that the level at which you offer to open or close a Transaction will, upon acceptance by us, be altered to the more favourable favorable price. You acknowledge that it is xxx.xxxxxxxxxxxxxxxxxxxxxxxx.xxx xxxx@xxxxxxxxxxxxxxxxxxxxxxxx.xxx +(00) 00 0000 0000 in your best interests for us to alter the level of your offer in the manner contemplated in this paragraph Paragraph and you agree that any offer altered in accordance with this paragraphParagraph, once accepted by us, results in a fully binding agreement between us. Without derogating from the foregoing, you acknowledge that it is within our complete discretion as to when we will pass on a price improvement to you. You should also note that we will only pass on a price improvement within allowable limits.
15.168.16. Certain third-party companies may make available computerized solutions that facilitate the entry of trading orders or the execution of other activities on the Trading Platform (e.g. "trading robots") and/or allow for algorithm-based trading ("Robots" and/or "Robot Trading"). The use Use of any Robots and/or Robot Trading robots, spiders or other automated data entry system with the Trading Platform is in no way sanctioned expressly prohibited. All Transactions must be completed manually by the Company you. Any Transaction completed th rough such use of an automatic data entry system shall be null and is at the Client's sole risk and responsibilityvoid. The Company makes no representations or warranties about the effectivenessUpon a breach of this Paragraph 8.16, accuracy, functionality, performance, integrity, freedom-from-error we may immediately close all or any other feature of your accounts held with us of whatever nature, terminate the Client Agreement(s) without notice and refuse to enter into further Transactions with you. Furthermore, any such Robots monies held in your Trading Account shall be frozen and we shall be entitled to deduct any amounts from your Trading Account in order to set off any loss, damages or Robot Trading solutions. Clients expressly acknowledge that the use of any Robots or engaging in Robot Trading is extremely risky and hereby absolve the company of liability for any damage caused expenses incurred as a result of the use a breach of Robots and or Robot Tradingthis Paragraph. Any Transaction completed through the use of a Robot or through Robot remaining monies in your Trading shall Account will be considered returned to have been executed by the Client. The Company is under no obligation you in accordance to facilitate the use of any Robot or to make available Robot Trading on the Trading Platformthis Client Agreement.
15.178.17. The Company is under no obligation, unless otherwise agreed in the Agreement, to monitor or advise the Client on the status of any Transaction or to close out any Client’s Open Positions. When the Company decides to do so, other than in order to enforce the Negative Balance Protection, this will be done on a discretionary basis and will not be considered an undertaking of an obligation to continue. It is the Client’s responsibility to be aware of his positions at all times.
15.18. If any Underlying Asset which is a security becomes subject to possible adjustments as a result of any of the events set out in section 15.19 (referred to as “Corporate Event”), the Company will determine the appropriate adjustment, if any, to be made to the opening/closing price, size, value and/or quantity of the corresponding Transaction (and also the level or size of the corresponding orders). This action is made in order to (i) account for the diluting or concentrating effect necessary to preserve the economic equivalent of the rights and obligations of the parties under that transaction immediately prior to that Corporate Event, and/or (ii) replicate the effect of the Corporate Event upon someone with an interest in the relevant Underlying Asset security, to be effective from the date determined by the Company.
15.19. The events to which paragraph 15.18 refers to are any of the following, by the declaration of the issuer of a security:
a. A subdivision, consolidation or reclassification of shares, a share buy-back or cancellation, or a free distribution of bonus shares to existing shareholders, capitalization or share split or reverse share split or similar event.
b. A distribution to existing holders of the shares or additional shares, other share capital or securities, granting the right to payment of dividends and/or proceeds from the liquidation of the issuer equally proportionate to such payments to holders of the underlying shares, securities, or warrants granting the right to receive or purchase shares for less than the current market price per share.
c. Any other event regarding shares analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of shares.
d. Any event analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of any security not based on shares.
e. Any event that is caused by a merger offer made regarding the company of the underlying asset.
15.20. If any Underlying Asset which is a security becomes subject to a specific risk resulting in a predicted fall in value, the Company reserves the right to restrict short selling or even withdraw the specific Underlying Asset from the Trading Platform.
15.21. Determination of any adjustment or amendment to the opening/closing price, size, value and/or quantity of the Transaction (and/or level or size of any order) shall be at the Company’s sole discretion and shall be conclusive and binding upon the Client. The Company shall inform the Client of any adjustment or amendment via its internal mail as soon as is reasonably practicable.
15.22. In the case where the Client deliberately attempts to take advantage of the fact that shares in a particular Spot Index going ex-dividend, the Company reserves the right to apply a dividend adjustment in the form of commission without prior notice or consent. In the case of short positions, the dividend adjustment will be debited from the client’s account where dividend adjustments = Index Dividend declared x position size in Lots.
Appears in 1 contract
Samples: Client Agreement
GENERAL RULES OF TRADING. 15.1. Once you place an Order on the Trading Platform, the Company executes the said order by itself. It is understood that the Company executes the Client Orders in CFDs as principal to principal against the Client.
15.2. You acknowledge and agree that each Transaction conducted on the Trading Platform, including the placing of an Order, is comprised of first, an offer by you to us to complete a Transaction (whether such offer is to open a Transaction or close an open Transaction) at a certain price quoted on the Trading Platform, and our subsequent acceptance of your offer. A Transaction will be deemed to have been completed only when your offer has been received and accepted by us. Our acceptance of an offer will be evidenced by our confirmation of its terms to you and its completion.
15.3. We will be under no obligation to, but may in our absolute discretion, provide quotes for, or accept, execute or cancel, all or any part of a Transaction that you have requested through the Trading Platform without giving any reason. You may request to cancel or amend a Transaction at any time prior to our completing such a Transaction. We shall be entitled, but not obliged, to accept such a request in our sole discretion.
15.4. We reserve the right to void from the outset any Transaction containing or based on any Manifest Error. In the absence of our fraud or willful default, we will not be liable to you for any loss, cost, claim, demand or expense following any Manifest Error.
15.5. You acknowledge that all prices and Quotes shown on the Trading Platform are indicative only of actual trading prices in Normal Market Size and are subject to constant change. The Company provides Quotes by taking into account considering the Underlying Asset price, but this does not mean that these Quotes are within any specific percentage of the Underlying Asset price. When the relevant Underlying Market is closed, the Quotes provided by the Company will reflect what the Company thinks to be the current Bid and Ask price of the relevant Underlying Asset at that time.
15.6. You shall comply with any restrictions that we notify you from time to time with respect to your activities on the Trading Platform, including without limitation, the size of Transactions or other conditions that may apply to our quote. You acknowledge that we may offer to and impose on each user, in our sole discretion, different terms and restrictions with respect to their use of the Trading Platform.
15.7. You acknowledge that the Trading Platform is independent of any Underlying Markets and we are under no obligation to quote a particular price or follow the trading rules consistent with such Underlying Markets. You further acknowledge that the triggering of your Transaction is linked to the prices we quote on the Trading Platform, not the prices quoted on the relevant Underlying Markets. In determining whether the prices quoted on the Trading Platform reach or exceed the price accepted by us in a Transaction, we will be entitled (but not obliged), in our absolute discretion, to disregard any prices quoted by us during any pre-market, post-market or intra-day auction periods in the relevant Underlying Markets, during any intra-day or other period of suspension in the relevant Underlying Markets, or during any other period that in our reasonable opinion may give rise to short-term price spikes or other distortions. Our prices may differ from the current prices on the relevant Underlying Markets and you acknowledge that a Transaction may be triggered even though: ● an Underlying Market never traded at the level of your Transaction; or ● the Underlying Market did trade at the level of your Transaction but for such a short period that it would have been impractical to execute an equivalent transaction on the Underlying Markets.
15.8. When you complete a Transaction on the Trading Platform, you agree that you are not dealing on a recognised recognized exchange.
15.9. You undertake and agree not to use the prices quoted on the Trading Platform for any purpose other than for your own trading purpose, and you agree not to redistribute our prices to any other person whether such redistribution is for commercial or other purposes.
15.10. You acknowledge that each Transaction is made for a specified number of units that constitute the Underlying Asset. You may only complete Transactions on the Trading Platform for the minimum number of units as set forth on the Trading Platform as the "Unit Amount", and in multiples of such "Unit Amount" up until the maximum amount permitted by the Trading Platform. You acknowledge and agree that we may set, in our sole and absolute discretion, the "Unit Amount" for each Underlying Asset.
15.11. Each Transaction opened by you, and any Transaction completed, will be binding on you notwithstanding that by opening the Transaction you may have exceeded any credit or other limit applicable to you or in respect of your dealings with us. It is noted however that the Company applies a Negative Balance Protection Policy pursuant to which, you may not lose more than the amount deposit deposited on the Platform. In the event that a Position is closed at such price causing your equity to fall below zero, the Company shall waive its right to receive the balance from the Client.
15.12. Subject to paragraph 15.15 herein you may request a quote to open or close a Transaction for a particular Underlying Asset, at any time during the Trading Hours for such Underlying Asset. We will be under no obligation to but may, in our absolute discretion, provide a quote and accept and act on your offer to open or close a Transaction for an Underlying Asset outside of the Trading Hours of such Underlying Asset. In some cases, Transactions may only be traded during the time when the relevant Underlying Market is open. Trading Hours are displayed on the Trading Platform under the details link for each specific Underlying Asset. It is your responsibility to ensure you are aware of which Underlying Asset may be affected.
15.13. Without prejudice to any of our right hereunder, if, prior to the acceptance of your Order to open or close a Transaction, we become aware that any of the factors set out in paragraph 15.14 herein have not been met, we reserve the right to reject your Order outright. If we have, nevertheless, already opened or closed a Transaction prior to becoming aware that a factor set out in paragraph 15.14 herein has not been met, we may, in our discretion, either treat such a Transaction as void from the outset or close it at our then prevailing price. However, we may, in our absolute discretion, allow you to open or, as the case may be, close the Transaction in which case you will be bound by the opening or closure of such Transaction, notwithstanding that the factors in paragraph 15.14 were not satisfied.
15.14. The factors referred to in paragraph 15.13 include the following: ● the quote must be obtained via the Trading Platform or by such other means as we may from time to time notify you. ; ● your offer to open or close the Transaction must be given while the quote is still valid. ; ● the quote must not contain a Manifest Error. ; ● when you offer to open a Transaction, the number of units in respect of which the Transaction is to be opened must be neither smaller than the minimum unit amount specified on the Trading Platform for the Instrument, as applicable, from time to time, nor greater than the amount permitted in accordance with the terms of this Agreement. ; ● when you offer to close part but not all of an open Transaction both the part of the Transaction that you offer to close and the part that would remain open if we accepted your offer must not be smaller than the minimum unit amount specified on the Trading Platform. ; ● Force Majeure Event must not have occurred when you offer to open or close a Transaction. ; ● an Event of Default must not have occurred in respect of you. ; ● when you offer to open any Transaction, the opening of the Transaction must not result in your exceeding any initial or maintenance margin amount, credit or other limit placed on your dealings. ; ● subject to paragraph 15.12, our offer must be given to us during the Trading Hours for the applicable Underlying Asset in respect of which you offer to open or close the Transaction. ● the internet connection or communications are not disrupted. ; ● there is no request of regulatory or supervisory authorities of Belarus Xxxxxxxx Islands or a court order to the contrary. ; ● the legality or genuineness of the Order is not under doubt. ● there are Normal Market Conditions; and ● any other reasonable factor that we, in our sole discretion, notify you from time to time.
15.15. If, before your offer to open or close a Transaction is accepted by us, our quote moves to your advantage (for example, if the price goes down as you buy, buy or the price goes up as you sell) you agree that we can (but do not have to) pass such price improvement on to you. The effect of such action being that the level at which you offer to open or close a Transaction will, upon acceptance by us, be altered to the more favourable favorable price. You acknowledge that it is in your best interests for us to alter the level of your offer in the manner contemplated in this paragraph and you agree that any offer altered in accordance with this paragraph, once accepted by us, results in a fully binding agreement between us. Without derogating from the foregoing, you acknowledge that it is within our complete discretion as to when we will pass on a price improvement to you. You should also note that we will only pass on a price improvement within allowable limits.
15.16. Certain third-party companies may make available computerized solutions that facilitate the entry of trading orders or the execution of other activities on the Trading Platform (e.g. "trading robots") and/or allow for algorithm-based trading ("Robots" and/or "Robot Trading"). The use of any Robots and/or Robot Trading with the Trading Platform is in no way sanctioned by the Company and is at the Client's sole risk and responsibility. The Company makes no representations or warranties about the effectiveness, accuracy, functionality, performance, integrity, freedom-from-error or any other feature of any such Robots or Robot Trading solutions. Clients expressly acknowledge that the use of any Robots or engaging in Robot Trading is extremely risky and hereby absolve the company of liability for any damage caused as a result of the use of Robots and or Robot Trading. Any Transaction completed through the use of a Robot or through Robot Trading shall be considered to have been executed by the Client. The Company is under no obligation to facilitate the use of any Robot or to make available Robot Trading on the Trading Platform.
15.17. The Company is under no obligation, unless otherwise agreed in the Agreement, to monitor or advise the Client on the status of any Transaction or to close out any Client’s Open Positions. When the Company decides to do so, other than in order to enforce the Negative Balance Protection, this will be done on a discretionary basis and will not be considered an undertaking of an obligation to continue. It is the Client’s responsibility to be aware of his positions at all times.
15.18. If any Underlying Asset which is a security becomes subject to possible adjustments as a result of any of the events set out in section 15.19 (referred to as “Corporate Event”), the Company will determine the appropriate adjustment, if any, to be made to the opening/closing price, size, value and/or quantity of the corresponding Transaction (and also the level or size of the corresponding orders). This action is made in order to (iI) account for the diluting or concentrating effect necessary to preserve the economic equivalent of the rights and obligations of the parties under that transaction immediately prior to that Corporate Event, and/or (ii) replicate the effect of the Corporate Event upon someone with an interest in the relevant Underlying Asset security, to be effective from the date determined by the Company.
15.19. The events to which paragraph 15.18 refers to are any of the following, by the declaration of the issuer of a security:
a. A subdivision, consolidation or reclassification of shares, a share buy-back or cancellation, or a free distribution of bonus shares to existing shareholders, capitalization or share split or reverse share split or similar event.
b. A distribution to existing holders of the shares or additional shares, other share capital or securities, granting the right to payment of dividends and/or proceeds from the liquidation of the issuer equally proportionate to such payments to holders of the underlying shares, securities, or warrants granting the right to receive or purchase shares for less than the current market price per share.
c. Any other event regarding shares analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of shares.
d. Any event analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of any security not based on shares.shares or
e. Any event that is caused by a merger offer made regarding the company of the underlying asset.
15.20. If any Underlying Asset which is a security becomes subject to a specific risk resulting in a predicted fall in value, the Company reserves the right to restrict short selling or even withdraw the specific Underlying Asset from the Trading Platform.
15.21. Determination of any adjustment or amendment to the opening/closing price, size, value and/or quantity of the Transaction (and/or level or size of any order) shall be at the Company’s sole discretion and shall be conclusive and binding upon the Client. The Company shall inform the Client of any adjustment or amendment via its internal mail as soon as is reasonably practicable.
15.22. In the case where the Client deliberately attempts to take advantage of the fact that shares in a particular Spot Index going ex-dividend, the Company reserves the right to apply a dividend adjustment in the form of commission without prior notice or consent. In the case of short positions, the dividend adjustment will be debited from the client’s account where dividend adjustments = Index Dividend declared x position size in Lots.
Appears in 1 contract
Samples: Client Agreement
GENERAL RULES OF TRADING. 15.1. Once you place an Order on 8.1 All Orders placed by the Trading Platform, Client shall be transmitted for execution to another party (Liquidity Provider) hence the Company executes shall not be executing your Orders as counterparty in the said order by itself. It is understood that the Company executes the Client Orders in CFDs as principal to principal Transaction against the Clientyou.
15.2. 8.2 You acknowledge and agree that each Transaction conducted on the Trading Platform, including the placing of an Order, is comprised of first, an offer by you to us to complete a Transaction (whether such offer is to open a Transaction or close an open Transaction) at a certain price quoted on the Trading Platform, and our subsequent acceptance of your offer. A Transaction will be deemed to have been completed only when your offer has been received and accepted by us. Our acceptance of an offer will be evidenced by our confirmation of its terms to you and its completion.
15.3. 8.3 We will be under no obligation to, but may in our absolute discretion, provide quotes for, or accept, execute or cancel, all or any part of a Transaction that you have requested through the Trading Platform without giving any reason. You may request to cancel or amend a Transaction at any time prior to our completing such a Transaction. We shall be entitled, but not obliged, to accept such a request in our sole discretion.
15.4. 8.4 We reserve the right to void from the outset any Transaction containing or based on any Manifest Error. In the absence of our fraud or willful default, we will not be liable to you for any loss, cost, claim, demand or expense following any Manifest Error.
15.5. 8.5 You acknowledge that all prices and Quotes quotes shown on the Trading Platform are indicative only of actual trading prices in Normal Market Size and are subject to constant change. The Company provides Quotes quotes by taking into account the Underlying Asset price, but this does not mean that these Quotes quotes are within any specific percentage of the Underlying Asset price. When the relevant Underlying Market is closed, the Quotes quotes provided by the Company will reflect what the Company thinks to be the current Bid and Ask price of the relevant Underlying Asset at that time.
15.6. 8.6 You shall comply with any restrictions that we notify you from time to time with respect to your activities on the Trading Platform, including without limitation, the size of Transactions or other conditions that may apply to our quote. You acknowledge that we may offer to and impose on each user, in our sole discretion, different terms and restrictions with respect to their use of the Trading Platform.
15.7. 8.7 You acknowledge that the Trading Platform is independent of any Underlying Markets and we are under no obligation to quote a particular price or follow the trading rules consistent with such Underlying Markets. You further acknowledge that the triggering of your Transaction is linked to the prices we quote on the Trading Platform, not the prices quoted on the relevant Underlying Markets. In determining whether the prices quoted on the Trading Platform reach or exceed the price accepted by us in a Transaction, we will be entitled (but not obliged), in our absolute discretion, to disregard any prices quoted by us during any pre-market, post-post market or intra-day auction periods in the relevant Underlying Markets, during any intra-day intraday or other period of suspension in the relevant Underlying Markets, or during any other period that in our reasonable opinion may give rise to short-short- term price spikes or other distortions. Our prices may differ from the current prices on the relevant Underlying Markets and you acknowledge that a Transaction may be triggered even though: ● an :
a) An Underlying Market never traded at the level of your Transaction; or ● the b) The Underlying Market did trade at the level of your Transaction but for such a short period that it would have been impractical to execute an equivalent transaction on the Underlying Markets.
15.8. 8.8 When you complete a Transaction on the Trading Platform, you agree that you are not dealing on with a recognised recognized exchange.
15.98.9 You acknowledge that any prices quoted on the Trading Platform are set by the Liquidity Provider in its reasonable discretion, taking into account a variety of factors including prevailing market conditions and trading demand on the Trading Platform. You undertake and agree not to use the prices quoted on the Trading Platform for any purpose other than for your own trading purpose, and you agree not to redistribute our prices to any other person whether such redistribution is for commercial or other purposes.
15.10. 8.10 You acknowledge that each Transaction is made for a specified number of units that constitute the Underlying Asset. You may only complete Transactions on the Trading Platform for the minimum number of units as set forth on the Trading Platform as the "“Unit Amount"”, and in multiples of such "“Unit Amount" ” up until the maximum amount permitted by the Trading Platform. You acknowledge and agree that we may set, in our sole and absolute discretion, the "“Unit Amount" ” for each Underlying Asset.
15.11. 8.11 Each Transaction opened by you, and any Transaction completed, will be binding on you notwithstanding that by opening the Transaction you may have exceeded any credit or other limit applicable to you or in respect of your dealings with us. It is noted however that the Company applies a Negative Balance Protection Policy pursuant to which, you may not lose more than the amount deposit on the Platform. In the event that a Position is closed at such price causing your equity to fall below zero, the Company shall waive its right to receive the balance from the Client.
15.12. 8.12 Subject to paragraph 15.15 herein Paragraph 8.15 you may request a quote to open or close a Transaction for a particular Underlying Asset, at any time during the Trading Hours for such Underlying Asset. We will be under no obligation to but may, in our absolute discretion, provide a quote and accept and act on your offer to open or close a Transaction for an Underlying Asset outside of the Trading Hours of such Underlying Asset. In some cases, Transactions may only be traded during the time when the relevant Underlying Market where the Underlying Asset traded is open. Trading Hours are displayed on the Trading Platform under the details link for each specific Underlying Asset. It is your responsibility to ensure you are aware of which Underlying Asset may be affected.
15.13. 8.13 Without prejudice to any of our right hereunder, if, prior to the acceptance of your Order offer to open or close a Transaction, we become aware that any of the factors set out in paragraph 15.14 herein Paragraph
8.14 have not been met, we reserve the right to reject your Order offer outright. If we have, nevertheless, already opened or closed a Transaction prior to becoming aware that a factor set out in paragraph 15.14 herein Paragraph 8.14 has not been met, we may, in our absolute discretion, either treat such a Transaction as void from the outset or close it at our then prevailing price. However, we may, in our absolute discretion, allow you to open or, as the case may be, close the Transaction in which case you will be bound by the opening or closure of such Transaction, notwithstanding that the factors in paragraph 15.14 Paragraph 8.14 were not satisfied.
15.14. The factors referred to in paragraph 15.13 include the following: ● the quote must be obtained via the Trading Platform or by such other means as we may from time to time notify you. ● your offer to open or close the Transaction must be given while the quote is still valid. ● the quote must not contain a Manifest Error. ● when you offer to open a Transaction, the number of units in respect of which the Transaction is to be opened must be neither smaller than the minimum unit amount specified on the Trading Platform for the Instrument, as applicable, from time to time, nor greater than the amount permitted in accordance with the terms of this Agreement. ● when you offer to close part but not all of an open Transaction both the part of the Transaction that you offer to close and the part that would remain open if we accepted your offer must not be smaller than the minimum unit amount specified on the Trading Platform. ● Force Majeure Event must not have occurred when you offer to open or close a Transaction. ● an Event of Default must not have occurred in respect of you. ● when you offer to open any Transaction, the opening of the Transaction must not result in your exceeding any initial or maintenance margin amount, credit or other limit placed on your dealings. ● subject to paragraph 15.12, our offer must be given to us during the Trading Hours for the applicable Underlying Asset in respect of which you offer to open or close the Transaction. ● the internet connection or communications are not disrupted. ● there is no request of regulatory or supervisory authorities of Belarus or a court order to the contrary. ● the legality or genuineness of the Order is not under doubt. ● there are Normal Market Conditions; and ● any other reasonable factor that we, in our sole discretion, notify you from time to time.
15.15. If, before your offer to open or close a Transaction is accepted by us, our quote moves to your advantage (for example, if the price goes down as you buy, or the price goes up as you sell) you agree that we can (but do not have to) pass such price improvement on to you. The effect of such action being that the level at which you offer to open or close a Transaction will, upon acceptance by us, be altered to the more favourable price. You acknowledge that it is in your best interests for us to alter the level of your offer in the manner contemplated in this paragraph and you agree that any offer altered in accordance with this paragraph, once accepted by us, results in a fully binding agreement between us. Without derogating from the foregoing, you acknowledge that it is within our complete discretion as to when we will pass on a price improvement to you. You should also note that we will only pass on a price improvement within allowable limits.
15.16. Certain third-party companies may make available computerized solutions that facilitate the entry of trading orders or the execution of other activities on the Trading Platform (e.g. "trading robots") and/or allow for algorithm-based trading ("Robots" and/or "Robot Trading"). The use of any Robots and/or Robot Trading with the Trading Platform is in no way sanctioned by the Company and is at the Client's sole risk and responsibility. The Company makes no representations or warranties about the effectiveness, accuracy, functionality, performance, integrity, freedom-from-error or any other feature of any such Robots or Robot Trading solutions. Clients expressly acknowledge that the use of any Robots or engaging in Robot Trading is extremely risky and hereby absolve the company of liability for any damage caused as a result of the use of Robots and or Robot Trading. Any Transaction completed through the use of a Robot or through Robot Trading shall be considered to have been executed by the Client. The Company is under no obligation to facilitate the use of any Robot or to make available Robot Trading on the Trading Platform.
15.17. The Company is under no obligation, unless otherwise agreed in the Agreement, to monitor or advise the Client on the status of any Transaction or to close out any Client’s Open Positions. When the Company decides to do so, other than in order to enforce the Negative Balance Protection, this will be done on a discretionary basis and will not be considered an undertaking of an obligation to continue. It is the Client’s responsibility to be aware of his positions at all times.
15.18. If any Underlying Asset which is a security becomes subject to possible adjustments as a result of any of the events set out in section 15.19 (referred to as “Corporate Event”), the Company will determine the appropriate adjustment, if any, to be made to the opening/closing price, size, value and/or quantity of the corresponding Transaction (and also the level or size of the corresponding orders). This action is made in order to (i) account for the diluting or concentrating effect necessary to preserve the economic equivalent of the rights and obligations of the parties under that transaction immediately prior to that Corporate Event, and/or (ii) replicate the effect of the Corporate Event upon someone with an interest in the relevant Underlying Asset security, to be effective from the date determined by the Company.
15.19. The events to which paragraph 15.18 refers to are any of the following, by the declaration of the issuer of a security:
a. A subdivision, consolidation or reclassification of shares, a share buy-back or cancellation, or a free distribution of bonus shares to existing shareholders, capitalization or share split or reverse share split or similar event.
b. A distribution to existing holders of the shares or additional shares, other share capital or securities, granting the right to payment of dividends and/or proceeds from the liquidation of the issuer equally proportionate to such payments to holders of the underlying shares, securities, or warrants granting the right to receive or purchase shares for less than the current market price per share.
c. Any other event regarding shares analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of shares.
d. Any event analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of any security not based on shares.
e. Any event that is caused by a merger offer made regarding the company of the underlying asset.
15.20. If any Underlying Asset which is a security becomes subject to a specific risk resulting in a predicted fall in value, the Company reserves the right to restrict short selling or even withdraw the specific Underlying Asset from the Trading Platform.
15.21. Determination of any adjustment or amendment to the opening/closing price, size, value and/or quantity of the Transaction (and/or level or size of any order) shall be at the Company’s sole discretion and shall be conclusive and binding upon the Client. The Company shall inform the Client of any adjustment or amendment via its internal mail as soon as is reasonably practicable.
15.22. In the case where the Client deliberately attempts to take advantage of the fact that shares in a particular Spot Index going ex-dividend, the Company reserves the right to apply a dividend adjustment in the form of commission without prior notice or consent. In the case of short positions, the dividend adjustment will be debited from the client’s account where dividend adjustments = Index Dividend declared x position size in Lots.
Appears in 1 contract
Samples: Client Agreement
GENERAL RULES OF TRADING. 15.1. Once you place an Order on the Trading Platform, the Company executes the said order by itself. It is understood that the Company executes the Client Orders in CFDs as principal to principal against the Client.
15.2. You acknowledge and agree that each Transaction conducted on the Trading Platform, including the placing of an Order, is comprised of first, an offer by you to us to complete a Transaction (whether such offer is to open a Transaction or close an open Transaction) at a certain price quoted on the Trading Platform, and our subsequent acceptance of your offer. A Transaction will be deemed to have been completed only when your offer has been received and accepted by us. Our acceptance of an offer will be evidenced by our confirmation of its terms to you and its completion.and
15.3. We will be under no obligation to, but may in our absolute discretion, provide quotes for, or accept, execute or cancel, all or any part of a Transaction that you have requested through the Trading Platform without giving any reason. You may request to cancel or amend a Transaction at any time prior to our completing such a Transaction. We shall be entitled, but not obliged, to accept such a request in our sole discretion.
15.4. We reserve the right to void from the outset any Transaction containing or based on any Manifest Error. In the absence of our fraud or willful wilful default, we will not be liable to you for any loss, cost, claim, demand or expense following any Manifest Error.
15.5. You acknowledge that all prices and Quotes shown on the Trading Platform are indicative only of actual trading prices in Normal Market Size and are subject to constant change. The Company provides Quotes by taking into account the Underlying Asset price, but this does not mean that these Quotes are within any specific percentage of the Underlying Asset price. When the relevant Underlying Market is closed, the Quotes provided by the Company will reflect what the Company thinks to be the current Bid and Ask price of the relevant Underlying Asset at that time.
15.6. You shall comply with any restrictions that we notify to you from time to time with respect to your activities on the Trading Platform, including without limitation, the size of Transactions or other conditions that may apply to our quote. You acknowledge that we may offer to and impose on each user, in our sole discretion, different terms and restrictions with respect to their use of the Trading Platform.
15.7. You acknowledge that the Trading Platform is independent of any Underlying Markets and we are under no obligation to quote a particular price or follow the trading rules consistent with such Underlying Markets. You further acknowledge that the triggering of your Transaction is linked to the prices we quote on the Trading Platform, not the prices quoted on the relevant Underlying Markets. In determining whether the prices quoted on the Trading Platform reach or exceed the price accepted by us in a Transaction, we will be entitled (but not obliged), in our absolute discretion, to disregard any prices quoted by us during any pre-market, post-market or intra-day auction periods in the relevant Underlying Markets, during any intra-day or other period of suspension in the relevant Underlying Markets, or during any other period that in our reasonable opinion may give rise to short-term price spikes or other distortions. Our prices may differ from the current prices on the relevant Underlying Markets and you acknowledge that a Transaction may be triggered even though: ● • an Underlying Market never traded at the level of your Transaction; or ● • the Underlying Market did trade at the level of your Transaction but for such a short period that it would have been impractical to execute an equivalent transaction on the Underlying Markets.
15.8. When you complete a Transaction on the Trading Platform, you agree that you are not dealing on a recognised exchange.
15.9. You undertake and agree not to use the prices quoted on the Trading Platform for any purpose other than for your own trading purpose, and you agree not to redistribute our prices to any other person whether such redistribution is for commercial or other purposes.
15.10. You acknowledge that each Transaction is made for a specified number of units that constitute the Underlying Asset. You may only complete Transactions on the Trading Platform for the minimum number of units as set forth on the Trading Platform as the "Unit Amount", and in multiples of such "Unit Amount" up until the maximum amount permitted by the Trading Platform. You acknowledge and agree that we may set, in our sole and absolute discretion, the "Unit Amount" for each Underlying Asset.
15.11. Each Transaction opened by you, and any Transaction completed, will be binding on you notwithstanding that by opening the Transaction you may have exceeded any credit or other limit applicable to you or in respect of your dealings with us. It is noted however that the Company applies a Negative Balance Protection Policy pursuant to which, you may not lose more than the amount deposit on the Platform. In the event that a Position is closed at such price causing your equity to fall below zero, the Company shall waive its right to receive the balance from the Client.
15.12. Subject to paragraph 15.15 herein you may request a quote to open or close a Transaction for a particular Underlying Asset, at any time during the Trading Hours for such Underlying Asset. We will be under no obligation to but may, in our absolute discretion, provide a quote and accept and act on your offer to open or close a Transaction for an Underlying Asset outside of the Trading Hours of such Underlying Asset. In some cases, Transactions may only be traded during the time when the relevant Underlying Market is open. Trading Hours are displayed on the Trading Platform under the details link for each specific Underlying Asset. It is your responsibility to ensure you are aware of which Underlying Asset may be affected.
15.13. Without prejudice to any of our right hereunder, if, prior to the acceptance of your Order to open or close a Transaction, we become aware that any of the factors set out in paragraph 15.14 herein have not been met, we reserve the right to reject your Order outright. If we have, nevertheless, already opened or closed a Transaction prior to becoming aware that a factor set out in paragraph 15.14 herein has not been met, we may, in our discretion, either treat such a Transaction as void from the outset or close it at our then prevailing price. However, we may, in our absolute discretion, allow you to open or, as the case may be, close the Transaction in which case you will be bound by the opening or closure of such Transaction, notwithstanding that the factors in paragraph 15.14 were not satisfied.
15.14. The factors referred to in paragraph 15.13 include the following: ● the quote must be obtained via the Trading Platform or by such other means as we may from time to time notify you. ● your offer to open or close the Transaction must be given while the quote is still valid. ● the quote must not contain a Manifest Error. ● when you offer to open a Transaction, the number of units in respect of which the Transaction is to be opened must be neither smaller than the minimum unit amount specified on the Trading Platform for the Instrument, as applicable, from time to time, nor greater than the amount permitted in accordance with the terms of this Agreement. ● when you offer to close part but not all of an open Transaction both the part of the Transaction that you offer to close and the part that would remain open if we accepted your offer must not be smaller than the minimum unit amount specified on the Trading Platform. ● Force Majeure Event must not have occurred when you offer to open or close a Transaction. ● an Event of Default must not have occurred in respect of you. ● when you offer to open any Transaction, the opening of the Transaction must not result in your exceeding any initial or maintenance margin amount, credit or other limit placed on your dealings. ● subject to paragraph 15.12, our offer must be given to us during the Trading Hours for the applicable Underlying Asset in respect of which you offer to open or close the Transaction. ● the internet connection or communications are not disrupted. ● there is no request of regulatory or supervisory authorities of Belarus or a court order to the contrary. ● the legality or genuineness of the Order is not under doubt. ● there are Normal Market Conditions; and ● any other reasonable factor that we, in our sole discretion, notify you from time to time.
15.15. If, before your offer to open or close a Transaction is accepted by us, our quote moves to your advantage (for example, if the price goes down as you buy, or the price goes up as you sell) you agree that we can (but do not have to) pass such price improvement on to you. The effect of such action being that the level at which you offer to open or close a Transaction will, upon acceptance by us, be altered to the more favourable price. You acknowledge that it is in your best interests for us to alter the level of your offer in the manner contemplated in this paragraph and you agree that any offer altered in accordance with this paragraph, once accepted by us, results in a fully binding agreement between us. Without derogating from the foregoing, you acknowledge that it is within our complete discretion as to when we will pass on a price improvement to you. You should also note that we will only pass on a price improvement within allowable limits.
15.16. Certain third-party companies may make available computerized solutions that facilitate the entry of trading orders or the execution of other activities on the Trading Platform (e.g. "trading robots") and/or allow for algorithm-based trading ("Robots" and/or "Robot Trading"). The use of any Robots and/or Robot Trading with the Trading Platform is in no way sanctioned by the Company and is at the Client's sole risk and responsibility. The Company makes no representations or warranties about the effectiveness, accuracy, functionality, performance, integrity, freedom-from-error or any other feature of any such Robots or Robot Trading solutions. Clients expressly acknowledge that the use of any Robots or engaging in Robot Trading is extremely risky and hereby absolve the company of liability for any damage caused as a result of the use of Robots and or Robot Trading. Any Transaction completed through the use of a Robot or through Robot Trading shall be considered to have been executed by the Client. The Company is under no obligation to facilitate the use of any Robot or to make available Robot Trading on the Trading Platform.
15.17. The Company is under no obligation, unless otherwise agreed in the Agreement, to monitor or advise the Client on the status of any Transaction or to close out any Client’s Open Positions. When the Company decides to do so, other than in order to enforce the Negative Balance Protection, this will be done on a discretionary basis and will not be considered an undertaking of an obligation to continue. It is the Client’s responsibility to be aware of his positions at all times.
15.18. If any Underlying Asset which is a security becomes subject to possible adjustments as a result of any of the events set out in section 15.19 (referred to as “Corporate Event”), the Company will determine the appropriate adjustment, if any, to be made to the opening/closing price, size, value and/or quantity of the corresponding Transaction (and also the level or size of the corresponding orders). This action is made in order to (i) account for the diluting or concentrating effect necessary to preserve the economic equivalent of the rights and obligations of the parties under that transaction immediately prior to that Corporate Event, and/or (ii) replicate the effect of the Corporate Event upon someone with an interest in the relevant Underlying Asset security, to be effective from the date determined by the Company.
15.19. The events to which paragraph 15.18 refers to are any of the following, by the declaration of the issuer of a security:
a. A subdivision, consolidation or reclassification of shares, a share buy-back or cancellation, or a free distribution of bonus shares to existing shareholders, capitalization or share split or reverse share split or similar event.
b. A distribution to existing holders of the shares or additional shares, other share capital or securities, granting the right to payment of dividends and/or proceeds from the liquidation of the issuer equally proportionate to such payments to holders of the underlying shares, securities, or warrants granting the right to receive or purchase shares for less than the current market price per share.
c. Any other event regarding shares analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of shares.
d. Any event analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of any security not based on shares.
e. Any event that is caused by a merger offer made regarding the company of the underlying asset.
15.20. If any Underlying Asset which is a security becomes subject to a specific risk resulting in a predicted fall in value, the Company reserves the right to restrict short selling or even withdraw the specific Underlying Asset from the Trading Platform.
15.21. Determination of any adjustment or amendment to the opening/closing price, size, value and/or quantity of the Transaction (and/or level or size of any order) shall be at the Company’s sole discretion and shall be conclusive and binding upon the Client. The Company shall inform the Client of any adjustment or amendment via its internal mail as soon as is reasonably practicable.
15.22. In the case where the Client deliberately attempts to take advantage of the fact that shares in a particular Spot Index going ex-dividend, the Company reserves the right to apply a dividend adjustment in the form of commission without prior notice or consent. In the case of short positions, the dividend adjustment will be debited from the client’s account where dividend adjustments = Index Dividend declared x position size in Lots.
Appears in 1 contract
Samples: Client Agreement
GENERAL RULES OF TRADING. 15.113.1. Once you place Without prejudice to any other provisions herein and in particular paragraph 13.13 of this Client Agreement, once the Client places an Order on the Trading Platform, the Company executes arranges for the execution of the said order by itself. It is understood that the Company executes the Client Orders in CFDs as principal to principal against the ClientOrder.
15.213.2. You acknowledge and agree that each Transaction conducted on the Trading Platform, including the placing of an Order, is comprised of first, first an offer by you to us to complete a Transaction (whether such offer is to open a Transaction Position or close an open TransactionOpen Position) at a certain price quoted on the Trading Platform, and our subsequent acceptance of your offer. A Transaction An Offer will be deemed to have been completed only when your offer has been received and accepted by us. Our acceptance of an offer will be evidenced by our confirmation of its terms to you and its completion.
15.3. We will be under no obligation to, but may in our absolute discretion, provide quotes for, or accept, execute or cancel, all or any part of a Transaction that you have requested through the Trading Platform without giving any reason13.3. You may request to cancel or amend a Transaction at any time prior to our completing such a Transaction. We shall be entitled, but not obliged, to accept such a request in our sole discretion.
15.413.4. We reserve the right to void from the outset any Transaction containing or based on any Manifest Error. In the absence of our fraud or willful default, we will not be liable to you for any loss, cost, claim, demand or expense following any Manifest Error.
15.5. You acknowledge that all prices and Quotes shown on the Trading Platform are indicative only of actual trading prices in Normal Market Size and are subject to constant change. The Company provides Quotes by taking into account the Underlying Asset price, but this does not mean that these Quotes are within any specific percentage of the Underlying Asset price. When the relevant Underlying Market is closed, the Quotes provided by the Company will reflect what the Company thinks to be the current Bid and Ask price of the relevant Underlying Asset at that time.
15.613.5. You shall comply with any restrictions that we notify to you from time to time with respect to your toyour activities on the Trading Platform, including without limitation, the size of Transactions or other conditions that may apply to our quoteQuote. You acknowledge that we may offer to and impose on each userClient, in our sole discretion, different terms and restrictions with respect to their use of the Trading Platform.
15.713.6. You acknowledge that the Trading Platform is independent of any Underlying Markets and we are weare under no obligation to quote a particular price or follow the trading rules consistent with such Underlying Markets. You further acknowledge that the triggering of your Transaction Order is linked to the prices we quote quoted on the Trading Platform, not the prices quoted elsewhere on the relevant Underlying MarketsMarkets and the Company does not guarantee that when executing an Order its price will be more favorable than one which might be available elsewhere. In determining whether the prices quoted on quotedon the Trading Platform reach or exceed the price accepted by us in a Transaction, we will be entitled (but not obliged), in our absolute discretion, to disregard any prices quoted by us on our Platform during any pre-pre- market, post-market or intra-day auction periods in the relevant Underlying Markets, during any intra-intra- day or other period of suspension in the relevant Underlying Markets, or during orduring any other period that in our reasonable opinion may give rise to short-term price spikes or other distortions. Our prices may differ from the current prices on the relevant Underlying Markets and you acknowledge that a Transaction may be triggered even though: ● :
(a) an Underlying Market never traded at the level of your Transaction; or ● or
(b) the Underlying Market did trade at the level of your Transaction but for such a short period that it would have been impractical to execute an equivalent transaction on the Underlying Markets.
15.813.7. When you complete a Transaction place an Order on the Trading Platform, you agree that you are not dealing on a recognised recognized exchange.
15.913.8. You undertake and agree not to use the prices quoted on the Trading Platform for any purpose other than for your own trading purpose, and you agree not to redistribute our prices to any other person whether such redistribution is for commercial or other purposes.
15.1013.9. You acknowledge that each Transaction is made for a specified number of units that constitute the Underlying Asset. You may only complete Transactions on the Trading Platform for the minimum number of units as set forth on the Trading Platform as the "Unit Amount", and in multiples of such "Unit Amount" up until the maximum amount permitted by the Trading Platform. You acknowledge and agree that we may set, in our sole and absolute discretion, the "Unit Amount" for each Underlying Asset.
15.1113.10. Each Transaction Position opened by you, and any Transaction completed, will be binding on you notwithstanding that by opening the Transaction Position you may have exceeded any credit or other limit applicable to you or in respect of your dealings with us. It is noted however that the Company applies a Negative Balance Protection Policy pursuant to which, you may not lose more than the amount deposit on the Platform. In the event that a Position is closed at such price causing your equity to fall below zero, the Company shall waive its right to receive the balance from the Client.
15.1213.11. Subject to paragraph 15.15 herein you You may request a quote Quote to open or close a Transaction Position for a particular Underlying Asset, at any time during the Trading Hours for such Underlying Asset. We will be under no obligation to but may, in our absolute discretion, provide a quote Quote and accept and act on your offer to open or close a Transaction Position for an Underlying Asset outside of the Trading Hours of such Underlying Asset. In some cases, Transactions may only be traded during the time when the relevant Underlying Market is open. Trading Hours are displayed on the Trading Platform under the details link for each specific Underlying specificUnderlying Asset. It is your responsibility to ensure you are aware of which Underlying Asset may be maybe affected.
15.1313.12. Without prejudice to any of our right hereunder, if, prior to the acceptance of your Order to open or close a TransactionPosition, we become aware that any of the factors set out in paragraph 15.14 herein have 13.13 herein- below, has not been met, we reserve the right to reject your Order outright. If we have, nevertheless, already opened or closed a Transaction Position prior to becoming aware that a factor set out in paragraph 15.14 herein has not been met, we may, in our discretion, either treat such a Transaction as void from the outset or close it at our then prevailing price. However, we may, in our absolute discretion, allow you to open or, as the case may be, close the Transaction in which case you will be bound by the opening or closure of such Transaction, notwithstanding that the factors in paragraph 15.14 were not satisfied.
15.14. The factors referred to in paragraph 15.13 include the following: ● the quote must be obtained via the Trading Platform or by such other means as we may from time to time notify you. ● your offer to open or close the Transaction must be given while the quote is still valid. ● the quote must not contain a Manifest Error. ● when you offer to open a Transaction, the number of units in respect of which the Transaction is to be opened must be neither smaller than the minimum unit amount specified on the Trading Platform for the Instrument, as applicable, from time to time, nor greater than the amount permitted in accordance with the terms of this Agreement. ● when you offer to close part but not all of an open Transaction both the part of the Transaction that you offer to close and the part that would remain open if we accepted your offer must not be smaller than the minimum unit amount specified on the Trading Platform. ● Force Majeure Event must not have occurred when you offer to open or close a Transaction. ● an Event of Default must not have occurred in respect of you. ● when you offer to open any Transaction, the opening of the Transaction must not result in your exceeding any initial or maintenance margin amount, credit or other limit placed on your dealings. ● subject to paragraph 15.12, our offer must be given to us during the Trading Hours for the applicable Underlying Asset in respect of which you offer to open or close the Transaction. ● the internet connection or communications are not disrupted. ● there is no request of regulatory or supervisory authorities of Belarus or a court order to the contrary. ● the legality or genuineness of the Order is not under doubt. ● there are Normal Market Conditions; and ● any other reasonable factor that we, in our sole discretion, notify you from time to time.
15.15. If, before your offer to open or close a Transaction is accepted by us, our quote moves to your advantage (for example, if the price goes down as you buy, or the price goes up as you sell) you agree that we can (but do not have to) pass such price improvement on to you. The effect of such action being that the level at which you offer to open or close a Transaction will, upon acceptance by us, be altered to the more favourable price. You acknowledge that it is in your best interests for us to alter the level of your offer in the manner contemplated in this paragraph and you agree that any offer altered in accordance with this paragraph, once accepted by us, results in a fully binding agreement between us. Without derogating from the foregoing, you acknowledge that it is within our complete discretion as to when we will pass on a price improvement to you. You should also note that we will only pass on a price improvement within allowable limits.
15.16. Certain third-party companies may make available computerized solutions that facilitate the entry of trading orders or the execution of other activities on the Trading Platform (e.g. "trading robots") and/or allow for algorithm-based trading ("Robots" and/or "Robot Trading"). The use of any Robots and/or Robot Trading with the Trading Platform is in no way sanctioned by the Company and is at the Client's sole risk and responsibility. The Company makes no representations or warranties about the effectiveness, accuracy, functionality, performance, integrity, freedom-from-error or any other feature of any such Robots or Robot Trading solutions. Clients expressly acknowledge that the use of any Robots or engaging in Robot Trading is extremely risky and hereby absolve the company of liability for any damage caused as a result of the use of Robots and or Robot Trading. Any Transaction completed through the use of a Robot or through Robot Trading shall be considered to have been executed by the Client. The Company is under no obligation to facilitate the use of any Robot or to make available Robot Trading on the Trading Platform.
15.17. The Company is under no obligation, unless otherwise agreed in the Agreement, to monitor or advise the Client on the status of any Transaction or to close out any Client’s Open Positions. When the Company decides to do so, other than in order to enforce the Negative Balance Protection, this will be done on a discretionary basis and will not be considered an undertaking of an obligation to continue. It is the Client’s responsibility to be aware of his positions at all times.
15.18. If any Underlying Asset which is a security becomes subject to possible adjustments as a result of any of the events set out in section 15.19 (referred to as “Corporate Event”), the Company will determine the appropriate adjustment, if any, to be made to the opening/closing price, size, value and/or quantity of the corresponding Transaction (and also the level or size of the corresponding orders). This action is made in order to (i) account for the diluting or concentrating effect necessary to preserve the economic equivalent of the rights and obligations of the parties under that transaction immediately prior to that Corporate Event, and/or (ii) replicate the effect of the Corporate Event upon someone with an interest in the relevant Underlying Asset security, to be effective from the date determined by the Company.
15.19. The events to which paragraph 15.18 refers to are any of the following, by the declaration of the issuer of a security:
a. A subdivision, consolidation or reclassification of shares, a share buy-back or cancellation, or a free distribution of bonus shares to existing shareholders, capitalization or share split or reverse share split or similar event.
b. A distribution to existing holders of the shares or additional shares, other share capital or securities, granting the right to payment of dividends and/or proceeds from the liquidation of the issuer equally proportionate to such payments to holders of the underlying shares, securities, or warrants granting the right to receive or purchase shares for less than the current market price per share.
c. Any other event regarding shares analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of shares.
d. Any event analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of any security not based on shares.
e. Any event that is caused by a merger offer made regarding the company of the underlying asset.
15.20. If any Underlying Asset which is a security becomes subject to a specific risk resulting in a predicted fall in value, the Company reserves the right to restrict short selling or even withdraw the specific Underlying Asset from the Trading Platform.
15.21. Determination of any adjustment or amendment to the opening/closing price, size, value and/or quantity of the Transaction (and/or level or size of any order) shall be at the Company’s sole discretion and shall be conclusive and binding upon the Client. The Company shall inform the Client of any adjustment or amendment via its internal mail as soon as is reasonably practicable.
15.22. In the case where the Client deliberately attempts to take advantage of the fact that shares in a particular Spot Index going ex-dividend, the Company reserves the right to apply a dividend adjustment in the form of commission without prior notice or consent. In the case of short positions, the dividend adjustment will be debited from the client’s account where dividend adjustments = Index Dividend declared x position size in Lots.
Appears in 1 contract
Samples: Client Agreement
GENERAL RULES OF TRADING. 15.1. Once you place 18.1 Without prejudice to any other provisions herein and in particular paragraph 18.13 of this Client Agreement, once the Client places an Order on the Trading Platform, the Company executes arranges for the execution of the said order by itselfOrder with the Execution Venue according to the Summary of Best Interest and Order Execution Policy, found on the Company’s Website. It is understood that the Company executes the Client Orders in CFDs as an agent and not as a principal to principal against the Client, i.e. the Company is not the Execution Venue for the execution of the Client Orders.
15.2. 18.2 You acknowledge and agree that each Transaction conducted on the Trading Platform, including the placing of an Order, is comprised of first, first an offer by you to us to complete a Transaction (whether such offer is to open a Transaction Position or close an open TransactionOpen Position) at a certain price quoted on the Trading Platform, and our subsequent acceptance of your offer. A Transaction An Offer will be deemed to have been completed only when your offer has been received and accepted by us. Our acceptance of an offer will be evidenced by our confirmation of its terms to you and its completion.
15.3. We will be under no obligation to, but may in our absolute discretion, provide quotes for, or accept, execute or cancel, all or any part of a Transaction that you have requested through the Trading Platform without giving any reason. 18.3 You may request to cancel or amend a Transaction at any time prior to our completing such a Transaction. We shall be entitled, but not obliged, to accept such a request in our sole discretion.
15.4. 18.4 We reserve the right to void from the outset any Transaction containing or based on any Manifest Error. In the absence of our fraud or willful wilful default, we will not be liable to you for any loss, cost, claim, demand or expense following any Manifest Error.
15.5. You acknowledge that all prices and Quotes shown on the Trading Platform are indicative only of actual trading prices in Normal Market Size and are subject to constant change. The Company provides Quotes by taking into account the Underlying Asset price, but this does not mean that these Quotes are within any specific percentage of the Underlying Asset price. When the relevant Underlying Market is closed, the Quotes provided by the Company will reflect what the Company thinks to be the current Bid and Ask price of the relevant Underlying Asset at that time.
15.6. 18.5 You shall comply with any restrictions that we notify to you from time to time with respect to your activities on the Trading Platform, including without limitation, the size of Transactions or other conditions that may apply to our quote. You acknowledge that we may offer to and impose on each user, in our sole discretion, different terms and restrictions with respect to their use of the Trading PlatformQuote.
15.7. 18.6 You acknowledge that the Trading Platform is independent of any Underlying Markets and we are under no obligation to quote a particular price or follow the trading rules consistent with such Underlying Markets. You further acknowledge that the triggering of your Transaction Order is linked to the prices we quote quoted on the Trading Platform, with reference to market data. The Company may provide to the client only the relevant information which is available via the applicable Liquidity Provider and/or Price Feed Provider and/or Exchange. Prices provided by the Company are not linked to the prices quoted elsewhere on the relevant Underlying MarketsMarkets and the Company does not guarantee that when executing an Order its price will be more favourable than one which might be available elsewhere. In determining whether the prices quoted on the Trading Platform reach or exceed the price accepted by us in a Transaction, we will be entitled (but not obliged), in our absolute discretion, to disregard any prices quoted by us on our Platform during any pre-market, post-market or intra-day auction periods in the relevant Underlying Markets, during any intra-day or other period of suspension in the relevant Underlying Markets, or during any other period that in our reasonable opinion may give rise to short-short- term price spikes or other distortions. Our prices may differ from the current prices on the relevant Underlying Markets and you acknowledge that a Transaction may be triggered even though: ● an Underlying Market never traded at the level of your Transaction; or ● the Underlying Market did trade at the level of your Transaction but for such a short period that it would have been impractical to execute an equivalent transaction on the Underlying Markets.
15.8. 18.7 When you complete a Transaction place an Order on the Trading Platform, you agree that you are not dealing on a recognised recognized exchange.
15.9. 18.8 You undertake and agree not to use the prices quoted on the Trading Platform for any purpose other than for your own trading purpose, and you agree not to redistribute our prices to any other person whether such redistribution is for commercial or other purposes.
15.10. 18.9 You acknowledge that each Transaction is made for a specified number of units that constitute the Underlying Asset. You may only complete Transactions on the Trading Platform for the minimum number of units as set forth on the Trading Platform as the "Unit Amount", and in multiples of such "Unit Amount" up until the maximum amount permitted by the Trading Platform. You acknowledge and agree that we may set, in our sole and absolute discretion, the "Unit Amount" for each Underlying Asset.
15.11. 18.10 Each Transaction Position opened by you, and any Transaction completed, will be binding on you notwithstanding that by opening the Transaction you may have exceeded any credit or other limit applicable to you or in respect of your dealings with us. It is noted however that the Company applies a Negative Balance Protection Policy pursuant to which, you may not lose more than the amount deposit on the Platform. In the event that a Position is closed at such price causing your equity to fall below zero, the Company shall waive its right to receive the balance from the Clientyou.
15.12. Subject to paragraph 15.15 herein you 18.11 You may request a quote Quote to open or close a Transaction Position for a particular Underlying Asset, at any time during the Trading Hours for such Underlying Asset. We will be under no obligation to but may, in our absolute discretion, provide a quote Quote and accept and act on your offer to open or close a Transaction Position for an Underlying Asset outside of the Trading Hours of such Underlying Asset. In some cases, Transactions may only be traded during the time when the relevant Underlying Market is open. Trading Hours are displayed on the Trading Platform under the details link for each specific Underlying Asset. It is your responsibility to ensure you are aware of which Underlying Asset may be affected.
15.13. 18.12 Without prejudice to any of our right hereunder, if, prior to the acceptance of your Order to open or close a TransactionPosition, we become aware that any of the factors set out in paragraph 15.14 herein have 18.13 herein, has not been met, we reserve the right to reject your Order outright. If we have, nevertheless, already opened or closed a Transaction Position prior to becoming aware that a factor set out in paragraph 15.14 18.13 herein has not been met, met ,we may, may in our discretion, discretion ,either treat such a Transaction as void from the outset or close it the Open Position at our then prevailing price. However, price .However ,we may, may ,in our absolute discretion, allow you to open or, as the case may be, close the Transaction Open Position in which case you will be bound by the opening or closure of such TransactionPosition, notwithstanding that the factors in paragraph 15.14 18.13 herein were not satisfied.
15.14. 18.13 The factors referred to in paragraph 15.13 18.12 include the following: ● :
(a) the quote must be obtained via the Trading Platform or by such other means as we may from time to time notify you. ● ;
(b) your offer to open or close the Transaction Position must be given while the quote is still valid. ● ;
(c) the quote Quote must not contain a Manifest Error. ● ;
(d) when you offer to open a TransactionPosition, the number of units in respect of which the Transaction is to be opened must be neither smaller than the minimum unit amount specified on the Trading Platform for the InstrumentPlatform, as applicable, from time to time, nor greater than the amount permitted in accordance with the terms of this Agreement. ● ;
(e) when you offer to close part but not all of an open Transaction Position both the part of the Transaction Position that you offer to close and the part that would remain open if we accepted your offer must not be smaller than the minimum unit amount specified on the Trading Platform. ● ;
(f) Force Majeure Event must not have occurred when you offer to open or close a Transaction. ● an , which affect the execution of the Transaction;
(g) An Event of Default must not have occurred in respect of you. ● ;
(h) when you offer to open any TransactionPosition, the opening of the Transaction must not result in your exceeding any initial Initial or maintenance margin Maintenance Margin amount, credit or other limit placed on your dealings. ● ;
(i) subject to paragraph 15.1218.12 herein, our your offer must be given to us during the Trading Hours for the applicable Underlying Asset in respect of which you offer to open or close the Transaction. ● Position;
(j) the internet connection or communications are not disrupted. ● ;
(k) there is no request of regulatory or supervisory authorities of Belarus South Africa or a court order to the contrary. ● ;
(l) the legality or genuineness of the Order is under not under doubt. ● ;
(m) there are Normal Market Conditions; and ● and
(n) any other reasonable factor that we, in our sole discretion, notify you from time to time.
15.15. If18.14 Use of any robots, before your offer to open spiders or close a Transaction is accepted by us, our quote moves to your advantage (for example, if the price goes down as you buy, or the price goes up as you sell) you agree that we can (but do not have to) pass such price improvement on to you. The effect of such action being that the level at which you offer to open or close a Transaction will, upon acceptance by us, be altered to the more favourable price. You acknowledge that it is in your best interests for us to alter the level of your offer in the manner contemplated in this paragraph and you agree that any offer altered in accordance with this paragraph, once accepted by us, results in a fully binding agreement between us. Without derogating from the foregoing, you acknowledge that it is other automated data entry system within our complete discretion as to when we will pass on a price improvement to you. You should also note that we will only pass on a price improvement within allowable limits.
15.16. Certain third-party companies may make available computerized solutions that facilitate the entry of trading orders or the execution of other activities on the Trading Platform (e.g. "trading robots") and/or allow for algorithm-based trading ("Robots" and/or "Robot Trading"). The use of any Robots and/or Robot Trading with the Trading Platform is in no way sanctioned by the Company and is at the Client's sole risk and responsibility. The Company makes no representations or warranties about the effectiveness, accuracy, functionality, performance, integrity, freedom-from-error or any other feature of any such Robots or Robot Trading solutions. Clients expressly acknowledge that the use of any Robots or engaging in Robot Trading is extremely risky and hereby absolve the company of liability for any damage caused as a result of the use of Robots and or Robot Trading. Any Transaction completed through the use of a Robot or through Robot Trading shall be considered to have been executed by the Client. The Company is under no obligation to facilitate the use of any Robot or to make available Robot Trading on the Trading Platformare prohibited.
15.17. 18.15 The Company is under no obligation, unless otherwise agreed in between the AgreementClient and the Company, to monitor or advise the Client on the status of any Transaction or to close out any Client’s Open Positions. When the Company decides to do so, other than in order to enforce the Negative Balance Protection, this will be done on a discretionary basis and will not be considered an undertaking of an obligation to continueTransaction. It is the Client’s responsibility to be aware of his positions at all times. It is noted that the Company offers margin close- out protection to retail CFD trading accounts. Margin close-out protection means the closure of one or more of the retail client’s open CFDs on terms most favourable to the client, when the sum of funds in the CFD trading account and the unrealised net profits of all open CFDs connected to that account falls to less than 50% of the total initial margin protection for all those open CFDs. More information in relation to the initial margin protection, as well as the margin close-out protection may be found in the Company’s Leverage Policy.
15.18. If any Underlying Asset which is a security becomes subject to possible adjustments as a result of any 18.16 One or more of the events set out in section 15.19 Client’s trades may be affected by a corporate action type event (referred to as “Corporate EventAction”)) the occurrence of which may have a dramatic effect on their trade(s) and/or on their trading account generally. A Corporate Action can include but is not limited to:
a) any rights, the Company will determine the appropriate adjustmentscrip, if anybonus, to be made to the opening/closing pricecapitalization or other issue or offer of shares, size, value and/or quantity warrants or options
b) any acquisition or cancellation of the corresponding Transaction (and also the level or size of the corresponding orders). This action is made in order to (i) account for the diluting or concentrating effect necessary to preserve the economic equivalent of the rights and obligations of the parties under that transaction immediately prior to that Corporate Event, and/or (ii) replicate the effect of the Corporate Event upon someone with an interest in the relevant Underlying Asset security, to be effective from the date determined own shares by the Company.
15.19. The events to which paragraph 15.18 refers to are issuer any of the followingreduction, by the declaration of the issuer of a security:
a. A subdivision, consolidation or reclassification of share capital
c) any distribution of cash or shares, including any payment of dividend
d) a share buytake-back over or cancellationmerger offer
e) any amalgamation or reconstruction affecting the shares concerned
(a) The Company will undertake any actions that it considers reasonable and necessary to give effect to the Corporate Action as it relates to the Client’s CFD trade(s). The actions the Company may take upon the occurrence of a Corporate Action are as follows:
a) the Client’s trading account may be credited or debited with an amount due b) the Client’s open trades and/or working Orders including any Take Profit or Stop Loss Orders may be adjusted, closed or a free distribution of bonus shares cancelled to existing shareholders, capitalization or share split or reverse share split or similar event.
b. A distribution to existing holders reflect the terms of the shares or additional shares, other share capital or securities, granting the right to payment of dividends and/or proceeds from the liquidation of the issuer equally proportionate to such payments to holders of the underlying shares, securities, or warrants granting the right to receive or purchase shares for less than the current market price per share.
c. Any other event regarding shares analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of shares.
d. Any event analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of any security not based on shares.
e. Any event that is caused by a merger offer made regarding the company of the underlying asset.
15.20. If any Underlying Asset which is a security becomes subject to a specific risk resulting in a predicted fall in value, the Company reserves the right to restrict short selling or even withdraw the specific Underlying Asset from the Trading Platform.
15.21. Determination of any adjustment or amendment to the opening/closing price, size, value and/or quantity of the Transaction (and/or level or size of any order) shall be at the Company’s sole discretion and shall be conclusive and binding upon the Client. The Company shall inform the Client of any adjustment or amendment via its internal mail as soon as is reasonably practicable.
15.22. In the case where the Client deliberately attempts to take advantage of the fact that shares in a particular Spot Index going ex-dividend, the Company reserves the right to apply a dividend adjustment in the form of commission without prior notice or consent. In the case of short positions, the dividend adjustment will be debited from the client’s account where dividend adjustments = Index Dividend declared x position size in Lots.Corporate Action
Appears in 1 contract
Samples: Terms and Conditions
GENERAL RULES OF TRADING. 15.1. Once you place 6.1 Without prejudice to any other provisions herein of this Client Agreement, once the Client places an Order on the Trading Platform, the Company executes arranges for the execution of the said order by itselfOrder with the Execution Venue. It is understood that the Company executes does not execute the Client Orders in CFDs as a principal to principal against the Client, i.e. the Company is not itself the Execution Venue for the execution of the Client Orders.
15.2. 6.2 You acknowledge and agree that each Transaction conducted on the Trading Platform, including the placing of an Order, is comprised of first, first an offer by you to us to complete a Transaction (whether such offer is to open a Transaction Position or close an open TransactionOpen Position) at a certain price quoted on the Trading Platform, and our subsequent acceptance of your offer. A Transaction An Offer will be deemed to have been completed only when your offer it has been received and accepted by us. Our acceptance of an offer will be evidenced by our confirmation of its terms to you and its completion.
15.3. We will be under no obligation to, but may in our absolute discretion, provide quotes for, or accept, execute or cancel, all or any part of a Transaction that you have requested through the Trading Platform without giving any reason. 6.3 You may request to cancel or amend a Transaction at any time time, prior to our completing such a Transaction. We shall be entitled, but not obliged, to accept such a request in our sole discretion.
15.4. 6.4 We reserve the right to void from the outset any Transaction containing or based on any Manifest Error. In the absence of our fraud or willful default, we will not be liable to you for any loss, cost, claim, demand or expense following any Manifest Error.
15.5. 6.5 You acknowledge that all of our prices and Quotes shown on the Trading Platform are indicative only of actual trading prices in Normal Market Size and are subject to constant changethe ones provided by the Company’s Execution Venue. The Company provides Quotes by taking into account the Underlying Asset price, but this does not mean that these Quotes are within any specific percentage Execution Venue obtains prices(BID and ASK prices) of the Underlying Asset pricefor a given CFD from third party reputable external reference sources (i.e. price feeders). When The Execution Venue then uses these prices to calculate their own tradable prices for a given CFD and provide them to the relevant Underlying Market is closed, the Quotes provided by the Company will reflect what the Company thinks to be the current Bid and Ask price of the relevant Underlying Asset at that timeCompany.
15.6. 6.6 You shall comply with any restrictions that we notify you from time to time with respect to your activities on the Trading Platform, including without limitation, the size of Transactions or other conditions that may apply to our quote. You acknowledge that we may offer to and impose on each user, in our sole discretion, different terms and restrictions with respect to their use of the Trading Platform.
15.7. 6.7 You acknowledge that the Trading Platform is independent of any Underlying Markets Markets, and we are under no obligation to quote a particular price or follow the trading rules consistent with such Underlying Markets. You further acknowledge that the triggering of your Transaction is linked to the prices we quote on the Trading Platform, not the prices quoted on the relevant Underlying Markets. In determining whether the prices quoted on the Trading Platform reach or exceed the price accepted by us in a Transaction, we will be entitled (but not obliged), in our absolute discretion, to disregard any prices quoted by us during any pre-market, post-market or intra-day auction periods in the relevant Underlying Markets, during any intra-day or other period of suspension in the relevant Underlying Markets, or during any other period that in our reasonable opinion may give rise to short-short term price spikes or other distortions. Our prices may differ from the current prices on the relevant Underlying Markets and you acknowledge that a Transaction may be triggered even though: ● an Underlying Market never traded at the level of your Transaction; or ● the Underlying Market did trade at the level of your Transaction but for such a short period that it would have been impractical to execute an equivalent transaction on the Underlying Markets.
15.8. 6.8 When you complete a Transaction on the Trading Platform, you agree that you are not dealing on a recognised recognized exchange.
15.9. 6.9 You undertake and agree not to use the prices quoted on the Trading Platform for any purpose other than for your own trading purpose, and you agree not to redistribute our prices to any other person whether such redistribution is for commercial or other purposes.
15.10. 6.10 You acknowledge that each Transaction is made for a specified number of units that constitute the Underlying Asset. You may only complete Transactions on the Trading Platform for the minimum number of units as set forth on the Trading Platform as the "Unit Amount", and in multiples of such "Unit Amount" up until the maximum amount permitted by the Trading Platform. You acknowledge and agree that we may set, in our sole and absolute discretion, the "Unit Amount" for each Underlying Asset.
15.11. 6.11 Each Transaction Position opened by you, and any Transaction completed, will be binding on you notwithstanding that by opening the Transaction Position you may have exceeded any credit or other limit applicable to you or in respect of your dealings with us. It is noted however that the Company applies a Negative Balance Protection Policy pursuant to which, you may not lose more than the amount deposit on the Platform. In the event that a Position is closed at such price causing your equity to fall below zero, the Company shall waive its right to receive the balance from the Client.
15.12. Subject to paragraph 15.15 herein you 6.12 You may request a quote Quote to open or close a Transaction Position for a particular Underlying Asset, at any time during the Trading Hours for such Underlying Asset. We will be under no obligation to to, but may, in our absolute discretion, provide a quote Quote and accept and act on your offer to open or close a Transaction Position for an Underlying Asset outside of the Trading Hours of such Underlying Asset. In some cases, Transactions may only be traded during the time when the relevant Underlying Market is open. Trading Hours are displayed on the Trading Platform under the details link for each specific Underlying Asset. It is your responsibility to ensure that you are aware of which Underlying Asset may be affected.
15.13. 6.13 Without prejudice to any of our right hereunder, if, prior to the acceptance of your Order to open or close a Transaction, we become aware that any of the factors set out in paragraph 15.14 6.14 herein have not been met, we reserve the right to reject your Order outright. If we have, nevertheless, already opened or closed a Transaction prior to becoming aware that a factor set out in paragraph 15.14 herein has not been met, we may, in our discretion, either treat such a Transaction as void from the outset or close it at our then prevailing price. However, we may, in our absolute discretion, allow you to open or, as the case may be, close the Transaction in which case you will be bound by the opening or closure of such Transaction, notwithstanding that the factors in paragraph 15.14 were not satisfied.
15.14. 6.14 The factors referred to in paragraph 15.13 6.13 include the following: ● • the quote must be obtained via the Trading Platform or by such other means as we may from time to time notify you. ● • your offer to open or close the Transaction must be given while the quote is still valid. ● • the quote must not contain a Manifest Error. ● • when you offer to open a Transaction, the number of units in respect of which the Transaction is to be opened must be neither smaller than the minimum unit amount specified on the Trading Platform for the Instrument, as applicable, from time to time, nor greater than the amount permitted in accordance with the terms of this Agreement. ● • when you offer to close part but not all of an open Transaction both the part of the Transaction that you offer to close and the part that would remain open if we accepted your offer must not be smaller than the minimum unit amount specified on the Trading Platform. ● • Force Majeure Event must not have occurred when you offer to open or close a Transaction. ● • an Event of Default must not have occurred in respect of you. ● • when you offer to open any Transaction, the opening of the Transaction must not result in your exceeding any initial or maintenance margin amount, credit or other limit placed on your dealings. ● dealings • subject to paragraph 15.126.12, our offer must be given to us during the Trading Hours for the applicable Underlying Asset in respect of which you offer to open or close the Transaction. ● • the internet connection or communications are not disrupted. ● • there is no request of regulatory or supervisory authorities of Belarus South Africa or a court order to the contrary. ● • the legality or genuineness of the Order is not under doubt. ● • there are Normal Market Conditions; and ● • any other reasonable factor that we, in our sole discretion, notify you from time to time.
15.15. If, before your offer to open or close a Transaction is accepted by us, our quote moves to your advantage (for example, if the price goes down as you buy, or the price goes up as you sell) you agree that we can (but do not have to) pass such price improvement on to you. The effect of such action being that the level at which you offer to open or close a Transaction will, upon acceptance by us, be altered to the more favourable price. You acknowledge that it is in your best interests for us to alter the level of your offer in the manner contemplated in this paragraph and you agree that any offer altered in accordance with this paragraph, once accepted by us, results in a fully binding agreement between us. Without derogating from the foregoing, you acknowledge that it is within our complete discretion as to when we will pass on a price improvement to you. You should also note that we will only pass on a price improvement within allowable limits.
15.16. 6.15 Certain third-party companies may make available computerized solutions that facilitate the entry of trading orders or the execution of other activities on the Trading Platform (e.g. "trading robots") and/or allow for algorithm-based trading ("Robots" and/or "Robot Trading"). The use of any Robots and/or Robot Trading with the Trading Platform is in no way sanctioned by the Company and is at the Client's sole risk and responsibility. The Company makes no representations or warranties about the effectiveness, accuracy, functionality, performance, integrity, freedom-from-error or any other feature of any such Robots or Robot Trading solutions. Clients expressly acknowledge that the use of any Robots or engaging in Robot Trading is extremely risky and hereby absolve the company of liability for any damage caused as a result of the use of Robots and or Robot Trading. Any Transaction completed through the use of a Robot or through Robot Trading shall be considered to have been executed by the Client. The Company is under no obligation to facilitate the use of any Robot or to make available Robot Trading on the Trading Platform.
15.17. 6.16 The Company is under no obligation, unless otherwise agreed in the Agreement, to monitor or advise the Client on the status of any Transaction or to close out any Client’s Open Positions. When the Company decides to do so, other than in order to enforce the Negative Balance Protection, this will be done on a discretionary basis and will not be considered an undertaking of an obligation to continue. It is the Client’s responsibility to be aware of his positions at all times.
15.18. 6.17 If any Underlying Asset which is a security becomes subject to possible adjustments as a result of any of the events set out in section 15.19 paragraph 6.18 below (referred to as “Corporate Event”), the Company will determine the appropriate adjustment, if any, to be made to the opening/closing price, size, value and/or quantity of the corresponding Transaction (and also the level or size of the corresponding orders). This action is made in order to (i) account for the diluting or concentrating effect necessary to preserve the economic equivalent of the rights and obligations of the parties under that transaction immediately prior to that Corporate Event, and/or (ii) replicate the effect of the Corporate Event upon someone with an interest in the relevant Underlying Asset security, to be effective from the date determined by the Company.
15.19. 6.18 The events to which paragraph 15.18 6.17 refers to are any of the following, by the declaration of the issuer of a security:
a. A subdivision, consolidation or reclassification of shares, a share buy-back or cancellation, or a free distribution of bonus shares to existing shareholders, capitalization or share split or reverse share split or similar event.
b. A distribution to existing holders of the shares or additional shares, other share capital or securities, granting the right to payment of dividends and/or proceeds from the liquidation of the issuer equally proportionate to such payments to holders of the underlying shares, securities, or warrants granting the right to receive or purchase shares for less than the current market price per share.
c. Any other event regarding shares analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of shares.
d. Any event analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of any security not based on shares.; or
e. Any event that is caused by a merger offer made regarding the company of the underlying asset.
15.20. 6.19 If any Underlying Asset which is a security becomes subject to a specific risk resulting in a predicted fall in value, the Company reserves the right to restrict short selling or even withdraw the specific Underlying Asset from the Trading Platform.
15.21. 6.20 Determination of any adjustment or amendment to the opening/closing price, size, value and/or quantity of the Transaction (and/or level or size of any order) shall be at the Company’s sole discretion and shall be conclusive and binding upon the Client. The Company shall inform the Client of any adjustment or amendment via its internal mail as soon as is reasonably practicable.
15.22. 6.21 In the case where the Client deliberately attempts to take advantage of the fact that shares in a particular Spot Index going ex-dividend, the Company reserves the right to apply a dividend adjustment in the form of commission without prior notice or consent. In the case of short positions, the dividend adjustment will be debited from the client’s account where dividend adjustments = Index Dividend declared x position size in Lots.
Appears in 1 contract
Samples: Client Agreement
GENERAL RULES OF TRADING. 15.1. Once you place an Order on the Trading Platform, the Company executes the said order by itself. It is understood that the Company executes the Client Orders in CFDs as principal to principal against the Client.
15.2. 15.1 You acknowledge and agree that each Transaction conducted on the Trading Platform, including the placing of an Order, is comprised of first, an offer by you to us to complete a Transaction (whether such offer is to open a Transaction or close an open Transaction) at a certain price quoted on the Trading Platform, and secondly, our subsequent acceptance of your offer. A Transaction will be deemed to have been completed only when your offer has been received and accepted by us. Our acceptance of an offer will be evidenced by our confirmation of its terms to you and its completion.
15.3. 15.2 We will be under no obligation to, but may in our absolute discretion, provide quotes for, or accept, execute or cancel, all or any part of a Transaction that you have requested through the Trading Platform without giving any reason. You may request to cancel or amend a Transaction at any time prior to our completing such a Transaction. We shall be entitled, but not obliged, to accept such a request in our sole discretion.
15.415.3 Any Financial Data, prices, or other information available to you on the Site or the Trading Platform or offered by us in any other form or by any other means whatsoever (“Content”), is provided as general market commentary and does not constitute investment advice. Such Content is subject to change at any time without notice. Whilst we do take reasonable measures to ensure the accuracy of such information, we will not accept liability for any loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
15.4 We reserve the right to void from the outset any Transaction containing or based on any Manifest Error. In the absence of our fraud or willful default, we will not be liable to you for any loss, cost, claim, demand or expense following any Manifest Error.
15.5. 15.5 You acknowledge that all prices and Quotes shown on the Trading Platform are indicative only of actual trading prices in Normal Market Size and are subject to constant change. The Company provides Quotes by taking into account the Underlying Asset price, but this does not mean that these Quotes are within any specific percentage of the Underlying Asset price. When the relevant Underlying Market is closed, the Quotes provided by the Company will reflect what the Company thinks to be the current Bid and Ask price of the relevant Underlying Asset at that time.
15.6. 15.6 You shall comply with any restrictions that we notify to you from time to time with respect to your activities on the Trading Platform, including without limitation, the size of Transactions or other conditions that may apply to our quote. You acknowledge that we may offer to and impose on each user, in our sole discretion, different terms and restrictions with respect to their use of the Trading Platform.
15.7. 15.7 You acknowledge that whilst the Trading Platform is independent of Prices generated on our platform will take into account market data from various sources, they are not taken directly from any Underlying Markets one source, and we are under no obligation to quote a particular price or follow the trading rules consistent with such Underlying Marketstherefore may not match prices that you see elsewhere (including prices quoted on stock exchanges). You further acknowledge that the triggering of your Transaction is linked to the prices we quote on the Trading Platform, not the prices quoted on the relevant Underlying MarketsExchanges. We attempt to generate Prices on an ongoing basis and to have the currently applicable Prices displayed on the Platform as quickly as possible. However, technical conditions (e.g., the transfer rate of data networks or the quality of your internet connection, as well as rapid market fluctuations) may lead to a change in the applicable Price between the time the Order is placed by you and the time the Order is received by us or the Order is executed by the Platform. In determining whether the prices quoted on the Trading Platform reach or exceed the price accepted by us in a Transactionaddition, we there will be entitled (but not obliged), in our absolute discretion, to disregard any prices quoted by us during any pre-market, post-market times when circumstances may prevent the Platform from generating Prices or intra-day auction periods in affect the relevant Underlying Markets, during any intra-day or other period of suspension in the relevant Underlying Markets, or during any other period that in our reasonable opinion may give rise to short-term price spikes or other distortionsPrices being quoted. Our prices may differ from the current prices on the relevant Underlying Markets Exchanges and you acknowledge that a Transaction may be triggered even though: ● an Underlying Market :
15.7.1 An Exchange never traded at the level of your Transaction; or ● the Underlying Market or
15.7.2 The Exchange did trade at the level of your Transaction but for such a short period that it would have been impractical to execute an equivalent transaction on the Underlying MarketsExchange.
15.8. 15.8 When you complete a Transaction on the Trading Platform, you agree that you are dealing with us as principal, off-exchange and are not dealing on a recognised exchangethe Exchange.
15.915.8.1 Please remember that when you open a transaction on the Trading Platform you are trading with CFDs, which means that you enter into a contract with us for the difference between the value of an Instrument as specified on the Trading Platform at the time of opening a Transaction, and the value of such Instrument at the time of closing the Transaction. You acknowledge and agree that you are not entitled to ownership of the underlying asset of such a contract (for example the actual Shares or the Rights offered in a Rights Issue event or the Shares offered in an Options contract)."
15.9 You acknowledge that any prices quoted on the Trading Platform are set by us in our reasonable discretion, taking into account a variety of factors including prevailing market conditions and trading demand on the Trading Platform. You also acknowledge that the prices quoted on the Trading Platform may diverge significantly from any current Exchange or market price, or a competitor’s price for the underlying Instrument.
15.9.1 You undertake and agree not to use the prices quoted on the Trading Platform for any purpose other than for your own trading purpose, and you agree not to redistribute our prices to any other person whether such redistribution is for commercial or other purposes.
15.1015.9.2 You may notice there is a link on the trading screen of the Trading Platform to prices on the relevant exchange on which the underlying financial instrument is traded. Where the underlying instrument is not traded on a specific exchange, there is a link to Yahoo Finance/ Google Finance for illustrative purposes only. Please be aware however that as these prices are provided via newswires there is often a significant time delay and they should only be referred to as a research tool.
15.10 You acknowledge that each Transaction is made for a specified number of units that constitute the Underlying Assetunderlying Instrument. You may only complete Transactions on the Trading Platform for the minimum number of units as set forth on the Trading Platform as the "“Unit Amount"”, and in multiples of such "“Unit Amount" ” up until the maximum amount permitted by the Trading Platform. You acknowledge and agree that we may set, in our sole and absolute discretion, the "“Unit Amount" ” for each Underlying AssetInstrument.
15.11. 15.11 Each Transaction opened by you, and any Transaction completed, will be binding on you notwithstanding that by opening the Transaction you may have exceeded any credit or other limit applicable to you or in respect of your dealings with us. It is noted however that the Company applies a Negative Balance Protection Policy pursuant to which, you may not lose more than the amount deposit on the Platform. In the event that a Position is closed at such price causing your equity to fall below zero, the Company shall waive its right to receive the balance from the Client.
15.12. 15.12 Subject to paragraph Section 15.15 herein below you may request a quote to open or close a Transaction for a particular Underlying AssetInstrument, at any time during the Trading Hours for such Underlying AssetInstrument. We will be under no obligation to but may, in our absolute discretion, provide a quote and accept and act on your offer to open or close a Transaction for an Underlying Asset Instrument outside of the Trading Hours of such Underlying AssetInstrument. In some cases, Transactions may only be traded during the time when the relevant Underlying Market exchange where the Instrument is traded is open. Plus500's Trading Hours are displayed on the Trading Platform under the details link for each specific Underlying AssetInstrument which may or may not be the same as the Trading Hours of the relevant Exchange. It You acknowledge that it is your responsibility to ensure you are aware of which Underlying Asset Instrument may be affectedaffected by differences in the Trading Hours for a particular Instrument compared to the Trading Hours of the relevant Exchange for the relevant Instrument.
15.13. 15.13 Without prejudice to any of our right hereunderderogating from Section 10.4, if, prior to the acceptance of your Order offer to open or close a Transaction, we become aware that any of the factors set out in paragraph Section 15.14 herein have not been met, we reserve the right to reject your Order offer outright. If we have, nevertheless, already opened or closed a Transaction prior to becoming aware that a factor set out in paragraph Section 15.14 herein has not been met, we may, in our absolute discretion, either treat such a Transaction as void from the outset or close it at our then prevailing priceprice quoted on the Trading Platform. However, we may, in our absolute discretion, allow you to open or, as the case may be, close the Transaction in which case you will be bound by the opening or closure of such Transaction, notwithstanding that the factors in paragraph Section 15.14 were not satisfied.
15.14. 15.14 The factors referred to in paragraph Section 15.13 include the following: ● :
15.14.1 the quote must be obtained via the Trading Platform or by such other means as we may from time to time notify you. ● ;
15.14.2 your offer to open or close the Transaction must be given while the quote is still valid. ● ;
15.14.3 the quote must not contain a Manifest Error. ● ;
15.14.4 when you offer to open a Transaction, the number of units in respect of which the Transaction is to be opened must be neither smaller than the minimum unit amount specified on the Trading Platform for the Instrument, as applicable, from time to time, nor greater than the amount permitted in accordance with the terms of this Agreement. ● ;
15.14.5 when you offer to close part but not all of an open Transaction both the part of the Transaction that you offer to close and the part that would remain open if we accepted your offer must not be smaller than the minimum unit amount specified on the Trading Platform. ● ;
15.14.6 a Force Majeure Event must not have occurred when as described in Section 16.1 of this Agreement;
15.14.7 When you offer to open or close a Transaction. ● Transaction an Event of Default must not have occurred in respect of you. ● ;
15.14.8 when you offer to open any Transaction, the opening of the Transaction must not result in your exceeding any initial or maintenance margin amount, credit or other limit placed on your dealings. ● ;
15.14.9 subject to paragraph Section 15.12, our your offer must be given to us during the Trading Hours for the applicable Underlying Asset Instrument in respect of which you offer to open or close the Transaction. ● the internet connection or communications are not disrupted. ● there is no request of regulatory or supervisory authorities of Belarus or a court order to the contrary. ● the legality or genuineness of the Order is not under doubt. ● there are Normal Market Conditions; and ● and
15.14.10 any other reasonable factor that we, in our sole discretion, notify you from time to time.
15.15. 15.15 If, before your offer to open or close a Transaction is accepted by us, our quote moves to your advantage (for example, if the price goes down as you buy, buy or the price goes up as you sell) you agree that we can (but do not have to) pass such price improvement on to you. The effect of such action being that the level at which you offer to open or close a Transaction will, upon acceptance by us, be altered to the more favourable price. You acknowledge that it is in your best interests for us to alter the level of your offer in the manner contemplated in this paragraph Section and you agree that any offer altered in accordance with this paragraphSection, once accepted by us, results in a fully binding agreement between us. Without derogating from the foregoing, you acknowledge that it is within our complete discretion as to when we will pass on a price improvement to you. You should also note that we will only pass on a price improvement within allowable limits.
15.16. Certain third-party companies may make available computerized solutions that facilitate the entry of trading orders or the execution of other activities on the Trading Platform (e.g. "trading robots") and/or allow for algorithm-based trading ("Robots" and/or "Robot Trading"). The use 15.16 Use of any Robots and/or Robot Trading robots, spiders or other automated data entry system with the Trading Platform is in no way sanctioned expressly prohibited. All Transactions must be completed manually by the Company and is at the Client's sole risk and responsibility. The Company makes no representations or warranties about the effectiveness, accuracy, functionality, performance, integrity, freedom-from-error or any other feature of any such Robots or Robot Trading solutions. Clients expressly acknowledge that the use of any Robots or engaging in Robot Trading is extremely risky and hereby absolve the company of liability for any damage caused as a result of the use of Robots and or Robot Tradingyou. Any Transaction completed through the such use of a Robot or through Robot Trading an automatic data entry system shall be considered to have been executed by the Clientnull and void. The Company is under no obligation to facilitate the use Upon a breach of this Section 15.16, we may immediately close all or any Robot or to make available Robot of your Trading on the Trading Platform.
15.17. The Company is under no obligationAccounts held with us of whatever nature, unless otherwise agreed in the Agreement, to monitor or advise terminate the Client on the status of Agreements without notice and refuse to enter into further Transactions with you. Furthermore, any Transaction or monies held in your Trading Account shall be frozen and we shall be entitled to close out deduct any Client’s Open Positions. When the Company decides to do so, other than amounts from your Trading Account in order to enforce the Negative Balance Protectionset off any loss, this will be done on a discretionary basis and will not be considered an undertaking of an obligation to continue. It is the Client’s responsibility to be aware of his positions at all times.
15.18. If any Underlying Asset which is a security becomes subject to possible adjustments damages or expenses incurred by us as a result of a breach of this Section. Any remaining monies in your Trading Account will be returned to you in accordance with Section 22.10.
15.17 If you have more than one Trading Account with us, each Trading Account can be treated entirely separately by us. Therefore, any credit on one Account (including amounts deposited as Margin) will not discharge your liabilities in respect of any other Account. This does not derogate from any other rights we may have if Unacceptable Trading Circumstances exist. It is your responsibility to ensure the required level of Margin is in place for each Trading Account separately.
15.18 Opening of more than one Trading Account is not allowed by us. You acknowledge that in an event that you opened more than on Trading Account, we will be entitled to exercise our right of terminating one and or any of the events set out in section 15.19 (referred your accounts. We can also decide to as “Corporate Event”), the Company will determine the appropriate adjustment, if any, to be made to the opening/closing price, size, value and/or quantity treat all of the corresponding Transaction (and also the level or size of the corresponding orders). This action is made in order to (i) account for the diluting or concentrating effect necessary to preserve the economic equivalent of the rights and obligations of the parties under that transaction immediately prior to that Corporate Eventaccounts as connected account, and/or (ii) replicate the effect of the Corporate Event upon someone with an interest in the relevant Underlying Asset security, to be effective from the date determined operated by the Companyone customer.
15.19. The events to which paragraph 15.18 refers to are any of the following, by the declaration of the issuer of a security:
a. A subdivision, consolidation or reclassification of shares, a share buy-back or cancellation, or a free distribution of bonus shares to existing shareholders, capitalization or share split or reverse share split or similar event.
b. A distribution to existing holders of the shares or additional shares, other share capital or securities, granting the right to payment of dividends and/or proceeds from the liquidation of the issuer equally proportionate to such payments to holders of the underlying shares, securities, or warrants granting the right to receive or purchase shares for less than the current market price per share.
c. Any other event regarding shares analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of shares.
d. Any event analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of any security not based on shares.
e. Any event that is caused by a merger offer made regarding the company of the underlying asset.
15.20. If any Underlying Asset which is a security becomes subject to a specific risk resulting in a predicted fall in value, the Company reserves the right to restrict short selling or even withdraw the specific Underlying Asset from the Trading Platform.
15.21. Determination of any adjustment or amendment to the opening/closing price, size, value and/or quantity of the Transaction (and/or level or size of any order) shall be at the Company’s sole discretion and shall be conclusive and binding upon the Client. The Company shall inform the Client of any adjustment or amendment via its internal mail as soon as is reasonably practicable.
15.22. In the case where the Client deliberately attempts to take advantage of the fact that shares in a particular Spot Index going ex-dividend, the Company reserves the right to apply a dividend adjustment in the form of commission without prior notice or consent. In the case of short positions, the dividend adjustment will be debited from the client’s account where dividend adjustments = Index Dividend declared x position size in Lots.
Appears in 1 contract
Samples: User Agreement
GENERAL RULES OF TRADING. 15.1. Once you place an Order on the Trading Platform, the Company executes the said order by itself. It is understood that the Company executes the Client Orders in CFDs as principal to principal against the Client.
15.2. You acknowledge and agree that each Transaction conducted on the Trading Platform, including the placing of an Order, is comprised of first, an offer by you to us to complete a Transaction (whether such offer is to open a Transaction or close an open Transaction) at a certain price quoted on the Trading Platform, and our subsequent acceptance of your offer. A Transaction will be deemed to have been completed only when your offer has been received and accepted by us. Our acceptance of an offer will be evidenced by our confirmation of its terms to you and its completion.
15.3. We will be under no obligation to, but may in our absolute discretion, provide quotes for, or accept, execute or cancel, all or any part of a Transaction that you have requested through the Trading Platform without giving any reason. You may request to cancel or amend a Transaction at any time prior to our completing such a Transaction. We shall be entitled, but not obliged, to accept such a request in our sole discretion.
15.4. We reserve the right to void from the outset any Transaction containing or based on any Manifest Error. In the absence of our fraud or willful wilful default, we will not be liable to you for any loss, cost, claim, demand or expense following any Manifest Error.
15.5. You acknowledge that all prices and Quotes shown on the Trading Platform are indicative only of actual trading prices in Normal Market Size and are subject to constant change. The Company provides Quotes by taking into account the Underlying Asset price, but this does not mean that these Quotes are within any specific percentage of the Underlying Asset price. When the relevant Underlying Market is closed, the Quotes provided by the Company will reflect what the Company thinks to be the current Bid and Ask price of the relevant Underlying Asset at that time.
15.6. You shall comply with any restrictions that we notify to you from time to time with respect to your activities on the Trading Platform, including without limitation, the size of Transactions or other conditions that may apply to our quote. You acknowledge that we may offer to and impose on each user, in our sole discretion, different terms and restrictions with respect to their use of the Trading Platform.
15.7. You acknowledge that the Trading Platform is independent of any Underlying Markets and we are under no obligation to quote a particular price or follow the trading rules consistent with such Underlying Markets. You further acknowledge that the triggering of your Transaction is linked to the prices we quote on the Trading Platform, not the prices quoted on the relevant Underlying Markets. In determining whether the prices quoted on the Trading Platform reach or exceed the price accepted by us in a Transaction, we will be entitled (but not obliged), in our absolute discretion, to disregard any prices quoted by us during any pre-market, post-market or intra-day auction periods in the relevant Underlying Markets, during any intra-day or other period of suspension in the relevant Underlying Markets, or during any other period that in our reasonable opinion may give rise to short-term price spikes or other distortions. Our prices may differ from the current prices on the relevant Underlying Markets and you acknowledge that a Transaction may be triggered even though: ● B an Underlying Market never traded at the level of your Transaction; or ● B the Underlying Market did trade at the level of your Transaction but for such a short period that it would have been impractical to execute an equivalent transaction on the Underlying Markets.
15.8. When you complete a Transaction on the Trading Platform, you agree that you are not dealing on a recognised exchange.
15.9. You undertake and agree not to use the prices quoted on the Trading Platform for any purpose other than for your own trading purpose, and you agree not to redistribute our prices to any other person whether such redistribution is for commercial or other purposes.
15.10. You acknowledge that each Transaction is made for a specified number of units that constitute the Underlying Asset. You may only complete Transactions on the Trading Platform for the minimum number of units as set forth on the Trading Platform as the "Unit Amount", and in multiples of such "Unit Amount" up until the maximum amount permitted by the Trading Platform. You acknowledge and agree that we may set, in our sole and absolute discretion, the "Unit Amount" for each Underlying Asset.
15.11. Each Transaction opened by you, and any Transaction completed, will be binding on you notwithstanding that by opening the Transaction you may have exceeded any credit or other limit applicable to you or in respect of your dealings with us. It is noted however that the Company applies a Negative Balance Protection Policy pursuant to which, you may not lose more than the amount deposit on the Platform. In the event that a Position is closed at such price causing your equity to fall below zero, the Company shall waive its right to receive the balance from the Client.
15.12. Subject to paragraph 15.15 herein you may request a quote to open or close a Transaction for a particular Underlying Asset, at any time during the Trading Hours for such Underlying Asset. We will be under no obligation to but may, in our absolute discretion, provide a quote and accept and act on your offer to open or close a Transaction for an Underlying Asset outside of the Trading Hours of such Underlying Asset. In some cases, Transactions may only be traded during the time when the relevant Underlying Market is open. Trading Hours are displayed on the Trading Platform under the details link for each specific Underlying Asset. It is your responsibility to ensure you are aware of which Underlying Asset may be affected.
15.13. Without prejudice to any of our right hereunder, if, prior to the acceptance of your Order to open or close a Transaction, we become aware that any of the factors set out in paragraph 15.14 herein have not been met, we reserve the right to reject your Order outright. If we have, nevertheless, already opened or closed a Transaction prior to becoming aware that a factor set out in paragraph 15.14 herein has not been met, we may, in our discretion, either treat such a Transaction as void from the outset or close it at our then prevailing price. However, we may, in our absolute discretion, allow you to open or, as the case may be, close the Transaction in which case you will be bound by the opening or closure of such Transaction, notwithstanding that the factors in paragraph 15.14 were not satisfied.
15.14. The factors referred to in paragraph 15.13 include the following: ● the quote must be obtained via the Trading Platform or by such other means as we may from time to time notify you. ● your offer to open or close the Transaction must be given while the quote is still valid. ● the quote must not contain a Manifest Error. ● when you offer to open a Transaction, the number of units in respect of which the Transaction is to be opened must be neither smaller than the minimum unit amount specified on the Trading Platform for the Instrument, as applicable, from time to time, nor greater than the amount permitted in accordance with the terms of this Agreement. ● when you offer to close part but not all of an open Transaction both the part of the Transaction that you offer to close and the part that would remain open if we accepted your offer must not be smaller than the minimum unit amount specified on the Trading Platform. ● Force Majeure Event must not have occurred when you offer to open or close a Transaction. ● an Event of Default must not have occurred in respect of you. ● when you offer to open any Transaction, the opening of the Transaction must not result in your exceeding any initial or maintenance margin amount, credit or other limit placed on your dealings. ● subject to paragraph 15.12, our offer must be given to us during the Trading Hours for the applicable Underlying Asset in respect of which you offer to open or close the Transaction. ● the internet connection or communications are not disrupted. ● there is no request of regulatory or supervisory authorities of Belarus or a court order to the contrary. ● the legality or genuineness of the Order is not under doubt. ● there are Normal Market Conditions; and ● any other reasonable factor that we, in our sole discretion, notify you from time to time.
15.15. If, before your offer to open or close a Transaction is accepted by us, our quote moves to your advantage (for example, if the price goes down as you buy, or the price goes up as you sell) you agree that we can (but do not have to) pass such price improvement on to you. The effect of such action being that the level at which you offer to open or close a Transaction will, upon acceptance by us, be altered to the more favourable price. You acknowledge that it is in your best interests for us to alter the level of your offer in the manner contemplated in this paragraph and you agree that any offer altered in accordance with this paragraph, once accepted by us, results in a fully binding agreement between us. Without derogating from the foregoing, you acknowledge that it is within our complete discretion as to when we will pass on a price improvement to you. You should also note that we will only pass on a price improvement within allowable limits.
15.16. Certain third-party companies may make available computerized solutions that facilitate the entry of trading orders or the execution of other activities on the Trading Platform (e.g. "trading robots") and/or allow for algorithm-based trading ("Robots" and/or "Robot Trading"). The use of any Robots and/or Robot Trading with the Trading Platform is in no way sanctioned by the Company and is at the Client's sole risk and responsibility. The Company makes no representations or warranties about the effectiveness, accuracy, functionality, performance, integrity, freedom-from-error or any other feature of any such Robots or Robot Trading solutions. Clients expressly acknowledge that the use of any Robots or engaging in Robot Trading is extremely risky and hereby absolve the company of liability for any damage caused as a result of the use of Robots and or Robot Trading. Any Transaction completed through the use of a Robot or through Robot Trading shall be considered to have been executed by the Client. The Company is under no obligation to facilitate the use of any Robot or to make available Robot Trading on the Trading Platform.
15.17. The Company is under no obligation, unless otherwise agreed in the Agreement, to monitor or advise the Client on the status of any Transaction or to close out any Client’s Open Positions. When the Company decides to do so, other than in order to enforce the Negative Balance Protection, this will be done on a discretionary basis and will not be considered an undertaking of an obligation to continue. It is the Client’s responsibility to be aware of his positions at all times.
15.18. If any Underlying Asset which is a security becomes subject to possible adjustments as a result of any of the events set out in section 15.19 (referred to as “Corporate Event”), the Company will determine the appropriate adjustment, if any, to be made to the opening/closing price, size, value and/or quantity of the corresponding Transaction (and also the level or size of the corresponding orders). This action is made in order to (i) account for the diluting or concentrating effect necessary to preserve the economic equivalent of the rights and obligations of the parties under that transaction immediately prior to that Corporate Event, and/or (ii) replicate the effect of the Corporate Event upon someone with an interest in the relevant Underlying Asset security, to be effective from the date determined by the Company.
15.19. The events to which paragraph 15.18 refers to are any of the following, by the declaration of the issuer of a security:
a. A subdivision, consolidation or reclassification of shares, a share buy-back or cancellation, or a free distribution of bonus shares to existing shareholders, capitalization or share split or reverse share split or similar event.
b. A distribution to existing holders of the shares or additional shares, other share capital or securities, granting the right to payment of dividends and/or proceeds from the liquidation of the issuer equally proportionate to such payments to holders of the underlying shares, securities, or warrants granting the right to receive or purchase shares for less than the current market price per share.
c. Any other event regarding shares analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of shares.
d. Any event analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of any security not based on shares.
e. Any event that is caused by a merger offer made regarding the company of the underlying asset.
15.20. If any Underlying Asset which is a security becomes subject to a specific risk resulting in a predicted fall in value, the Company reserves the right to restrict short selling or even withdraw the specific Underlying Asset from the Trading Platform.
15.21. Determination of any adjustment or amendment to the opening/closing price, size, value and/or quantity of the Transaction (and/or level or size of any order) shall be at the Company’s sole discretion and shall be conclusive and binding upon the Client. The Company shall inform the Client of any adjustment or amendment via its internal mail as soon as is reasonably practicable.
15.22. In the case where the Client deliberately attempts to take advantage of the fact that shares in a particular Spot Index going ex-dividend, the Company reserves the right to apply a dividend adjustment in the form of commission without prior notice or consent. In the case of short positions, the dividend adjustment will be debited from the client’s account where dividend adjustments = Index Dividend declared x position size in Lots.
Appears in 1 contract
Samples: Client Agreement
GENERAL RULES OF TRADING. 15.1. Once you place an Order on the Trading Platform, the Company executes the said order by itself. It is understood that the Company executes the Client Orders in CFDs as principal to principal against the Client.
15.2. You acknowledge and agree that each Transaction conducted on the Trading Platform, including the placing of an Order, is comprised of first, an offer by you to us to complete a Transaction (whether such offer is to open a Transaction or close an open Transaction) at a certain price quoted on the Trading Platform, and our subsequent acceptance of your offer. A Transaction will be deemed to have been completed only when your offer has been received and accepted by us. Our acceptance of an offer will be evidenced by our confirmation of its terms to you and its completion.
15.3. We will be under no obligation to, but may in our absolute discretion, provide quotes for, or accept, execute or cancel, all or any part of a Transaction that you have requested through the Trading Platform without giving any reason. You may request to cancel or amend a Transaction at any time prior to our completing such a Transaction. We shall be entitled, but not obliged, to accept such a request in our sole discretion.
15.4. We reserve the right to void from the outset any Transaction containing or based on any Manifest Error. In the absence of our fraud or willful wilful default, we will not be liable to you for any loss, cost, claim, demand or expense following any Manifest ErrorManifestError.
15.5. You acknowledge that all prices and Quotes shown on the Trading Platform are indicative only of actual trading prices in Normal Market Size and are subject to constant change. The Company provides Quotes by taking into account the Underlying Asset price, but this does not mean that these Quotes are within any specific percentage of the Underlying Asset price. When the relevant Underlying Market is closed, the Quotes provided by the Company will reflect what the Company thinks to be the current Bid and Ask price of the relevant Underlying Asset at that time.
15.6. You shall comply with any restrictions that we notify to you from time to time with respect to your activities on the Trading Platform, including without limitation, the size of Transactions or other conditions that may apply to our quote. You acknowledge that we may offer to and impose on each user, in our sole discretion, different terms and restrictions with respect to their use of the Trading Platform.
15.7. You acknowledge that the Trading Platform is independent of any Underlying Markets and we are under no obligation to quote a particular price or follow the trading rules consistent with such Underlying Markets. You further acknowledge that the triggering of your Transaction is linked to the prices we quote on the Trading Platform, not the prices quoted on the relevant Underlying Markets. In determining whether the prices quoted on the Trading Platform reach or exceed the price accepted by us in a Transaction, we will be entitled (but not obliged), in our absolute discretion, to disregard any prices quoted by us during any pre-market, post-market or intra-day auction periods in the relevant Underlying Markets, during any intra-day or other period of suspension in the relevant Underlying Markets, or during any other period that in our reasonable opinion may give rise to short-term price spikes or other distortions. Our prices may differ from the current prices on the relevant Underlying Markets and you acknowledge that a Transaction may be triggered even though: ● • an Underlying Market never traded at the level of your Transaction; or ● • the Underlying Market did trade at the level of your Transaction but for such a short period that it would have been impractical to execute an equivalent transaction on the Underlying Markets.
15.8. When you complete a Transaction on the Trading Platform, you agree that you are not dealing on a recognised exchange.
15.9. You undertake and agree not to use the prices quoted on the Trading Platform for any purpose other than for your own trading purpose, and you agree not to redistribute our prices to any other person whether such redistribution is for commercial or other purposes.
15.10. You acknowledge that each Transaction is made for a specified number of units that constitute the Underlying Asset. You may only complete Transactions on the Trading Platform for the minimum number of units as set forth on the Trading Platform as the "Unit Amount", and in multiples of such "Unit Amount" up until the maximum amount permitted by the Trading Platform. You acknowledge and agree that we may set, in our sole and absolute discretion, the "Unit Amount" for each Underlying Asset.
15.11. Each Transaction opened by you, and any Transaction completed, will be binding on you notwithstanding that by opening the Transaction you may have exceeded any credit or other limit applicable to you or in respect of your dealings with us. It is noted however that the Company applies a Negative Balance Protection Policy pursuant to which, you may not lose more than the amount deposit on the Platform. In the event that a Position is closed at such price causing your equity to fall below zero, the Company shall waive its right to receive the balance from the Client.
15.12. Subject to paragraph 15.15 herein you may request a quote to open or close a Transaction for a particular Underlying Asset, at any time during the Trading Hours for such Underlying Asset. We will be under no obligation to but may, in our absolute discretion, provide a quote and accept and act on your offer to open or close a Transaction for an Underlying Asset outside of the Trading Hours of such Underlying Asset. In some cases, Transactions may only be traded during the time when the relevant Underlying Market is open. Trading Hours are displayed on the Trading Platform under the details link for each specific Underlying Asset. It is your responsibility to ensure you are aware of which Underlying Asset may be affected.
15.13. Without prejudice to any of our right hereunder, if, prior to the acceptance of your Order to open or close a Transaction, we become aware that any of the factors set out in paragraph 15.14 herein have not been met, we reserve the right to reject your Order outright. If we have, nevertheless, already opened or closed a Transaction prior to becoming aware that a factor set out in paragraph 15.14 herein herein, has not been met, we may, may in our discretion, either treat such a Transaction as void from the outset or close it at our then prevailing price. However, we may, in our absolute discretion, allow you to open or, as the case may be, close the Transaction in which case you will be bound by the opening or closure of such Transaction, notwithstanding that the factors in paragraph 15.14 were not satisfied.
15.14. The factors referred to in paragraph 15.13 include the following: ● • the quote must be obtained via the Trading Platform or by such other means as we may from time to time notify you. ● ; • your offer to open or close the Transaction must be given while the quote is still valid. ● ; • the quote must not contain a Manifest Error. ● ; • when you offer to open a Transaction, the number of units in respect of which the Transaction is to be opened must be neither smaller than the minimum unit amount specified on the Trading Platform for the Instrument, as applicable, from time to time, nor greater than the amount permitted in accordance with the terms of this Agreement. ● thisAgreement; • when you offer to close part but not all of an open Transaction both the part of the Transaction that you offer to close and the part that would remain open if we accepted your offer must not be smaller than the minimum unit amount specified on the Trading Platform. ● ; • Force Majeure Event must not have occurred when you offer to open or close a Transaction. ● an Event of Default must not have occurred in respect of you. ● when you offer to open any Transaction, the opening of the Transaction must not result in your exceeding any initial or maintenance margin amount, credit or other limit placed on your dealings. ● subject to paragraph 15.12, our offer must be given to us during the Trading Hours for the applicable Underlying Asset in respect of which you offer to open or close the Transaction. ● the internet connection or communications are not disrupted. ● there is no request of regulatory or supervisory authorities of Belarus or a court order to the contrary. ● the legality or genuineness of the Order is not under doubt. ● there are Normal Market Conditions; and ● any other reasonable factor that we, in our sole discretion, notify you from time to time.
15.15. If, before your offer to open or close a Transaction is accepted by us, our quote moves to your advantage (for example, if the price goes down as you buy, or the price goes up as you sell) you agree that we can (but do not have to) pass such price improvement on to you. The effect of such action being that the level at which you offer to open or close a Transaction will, upon acceptance by us, be altered to the more favourable price. You acknowledge that it is in your best interests for us to alter the level of your offer in the manner contemplated in this paragraph and you agree that any offer altered in accordance with this paragraph, once accepted by us, results in a fully binding agreement between us. Without derogating from the foregoing, you acknowledge that it is within our complete discretion as to when we will pass on a price improvement to you. You should also note that we will only pass on a price improvement within allowable limits.
15.16. Certain third-party companies may make available computerized solutions that facilitate the entry of trading orders or the execution of other activities on the Trading Platform (e.g. "trading robots") and/or allow for algorithm-based trading ("Robots" and/or "Robot Trading"). The use of any Robots and/or Robot Trading with the Trading Platform is in no way sanctioned by the Company and is at the Client's sole risk and responsibility. The Company makes no representations or warranties about the effectiveness, accuracy, functionality, performance, integrity, freedom-from-error or any other feature of any such Robots or Robot Trading solutions. Clients expressly acknowledge that the use of any Robots or engaging in Robot Trading is extremely risky and hereby absolve the company of liability for any damage caused as a result of the use of Robots and or Robot Trading. Any Transaction completed through the use of a Robot or through Robot Trading shall be considered to have been executed by the Client. The Company is under no obligation to facilitate the use of any Robot or to make available Robot Trading on the Trading Platform.
15.17. The Company is under no obligation, unless otherwise agreed in the Agreement, to monitor or advise the Client on the status of any Transaction or to close out any Client’s Open Positions. When the Company decides to do so, other than in order to enforce the Negative Balance Protection, this will be done on a discretionary basis and will not be considered an undertaking of an obligation to continue. It is the Client’s responsibility to be aware of his positions at all times.
15.18. If any Underlying Asset which is a security becomes subject to possible adjustments as a result of any of the events set out in section 15.19 (referred to as “Corporate Event”), the Company will determine the appropriate adjustment, if any, to be made to the opening/closing price, size, value and/or quantity of the corresponding Transaction (and also the level or size of the corresponding orders). This action is made in order to (i) account for the diluting or concentrating effect necessary to preserve the economic equivalent of the rights and obligations of the parties under that transaction immediately prior to that Corporate Event, and/or (ii) replicate the effect of the Corporate Event upon someone with an interest in the relevant Underlying Asset security, to be effective from the date determined by the Company.
15.19. The events to which paragraph 15.18 refers to are any of the following, by the declaration of the issuer of a security:
a. A subdivision, consolidation or reclassification of shares, a share buy-back or cancellation, or a free distribution of bonus shares to existing shareholders, capitalization or share split or reverse share split or similar event.
b. A distribution to existing holders of the shares or additional shares, other share capital or securities, granting the right to payment of dividends and/or proceeds from the liquidation of the issuer equally proportionate to such payments to holders of the underlying shares, securities, or warrants granting the right to receive or purchase shares for less than the current market price per share.
c. Any other event regarding shares analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of shares.
d. Any event analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of any security not based on shares.
e. Any event that is caused by a merger offer made regarding the company of the underlying asset.
15.20. If any Underlying Asset which is a security becomes subject to a specific risk resulting in a predicted fall in value, the Company reserves the right to restrict short selling or even withdraw the specific Underlying Asset from the Trading Platform.
15.21. Determination of any adjustment or amendment to the opening/closing price, size, value and/or quantity of the Transaction (and/or level or size of any order) shall be at the Company’s sole discretion and shall be conclusive and binding upon the Client. The Company shall inform the Client of any adjustment or amendment via its internal mail as soon as is reasonably practicable.
15.22. In the case where the Client deliberately attempts to take advantage of the fact that shares in a particular Spot Index going ex-dividend, the Company reserves the right to apply a dividend adjustment in the form of commission without prior notice or consent. In the case of short positions, the dividend adjustment will be debited from the client’s account where dividend adjustments = Index Dividend declared x position size in Lots.
Appears in 1 contract
Samples: Client Agreement
GENERAL RULES OF TRADING. 15.1. Once you place an Order on the Trading Platform, the Company executes the said order by itself. It is understood that the Company executes the Client Orders in CFDs as principal to principal against the Client.
15.2. 15.1 You acknowledge and agree that each Transaction conducted on the Trading Platform, including the placing of an Order, is comprised of first, an offer by you to us to complete a Transaction (whether such offer is to open a Transaction or close an open Transaction) at a certain price quoted on the Trading Platform, and secondly, our subsequent acceptance of your offer. A Transaction will be deemed to have been completed only when your offer has been received and accepted by us. Our acceptance of an offer will be evidenced by our confirmation of its terms to you and its completion.
15.3. 15.2 We will be under no obligation to, but may in our absolute discretion, provide quotes for, or accept, execute or cancel, all or any part of a Transaction that you have requested through the Trading Platform without giving any reason. You may request to cancel or amend a Transaction at any time prior to our completing such a Transaction. We shall be entitled, but not obliged, to accept such a request in our sole discretion.
15.415.3 Any Financial Data, prices, or other information available to you on the Site or the Trading Platform or offered by us in any other form or by any other means whatsoever (“Content”), is provided as general market commentary and does not constitute investment advice. Such Content is subject to change at any time without notice. Whilst we do take reasonable measures to ensure the accuracy of such information, we will not accept liability for any loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
15.4 We reserve the right to void from the outset any Transaction containing or based on any Manifest Error. In the absence of our fraud or willful default, we will not be liable to you for any loss, cost, claim, demand or expense following any Manifest Error.
15.5. 15.5 You acknowledge that all prices and Quotes shown on the Trading Platform are indicative only of actual trading prices in Normal Market Size and are subject to constant change. The Company provides Quotes by taking into account the Underlying Asset price, but this does not mean that these Quotes are within any specific percentage of the Underlying Asset price. When the relevant Underlying Market is closed, the Quotes provided by the Company will reflect what the Company thinks to be the current Bid and Ask price of the relevant Underlying Asset at that time.
15.6. 15.6 You shall comply with any restrictions that we notify to you from time to time with respect to your activities on the Trading Platform, including without limitation, the size of Transactions or other conditions that may apply to our quote. You acknowledge that we may offer to and impose on each user, in our sole discretion, different terms and restrictions with respect to their use of the Trading Platform.
15.7. 15.7 You acknowledge that whilst the Trading Platform is independent of Prices generated on our platform will take into account market data from various sources, they are not taken directly from any Underlying Markets one source, and we are under no obligation to quote a particular price or follow the trading rules consistent with such Underlying Marketstherefore may not match prices that you see elsewhere (including prices quoted on stock exchanges). You further acknowledge that the triggering of your Transaction is linked to the prices we quote on the Trading Platform, not the prices quoted on the relevant Underlying MarketsExchanges. We attempt to generate Prices on an ongoing basis and to have the currently applicable Prices displayed on the Platform as quickly as possible. However, technical conditions (e.g., the transfer rate of data networks or the quality of your internet connection, as well as rapid market fluctuations) may lead to a change in the applicable Price between the time the Order is placed by you and the time the Order is received by us or the Order is executed by the Platform. In determining whether the prices quoted on the Trading Platform reach or exceed the price accepted by us in a Transactionaddition, we there will be entitled (but not obliged), in our absolute discretion, to disregard any prices quoted by us during any pre-market, post-market times when circumstances may prevent the Platform from generating Prices or intra-day auction periods in affect the relevant Underlying Markets, during any intra-day or other period of suspension in the relevant Underlying Markets, or during any other period that in our reasonable opinion may give rise to short-term price spikes or other distortionsPrices being quoted. Our prices may differ from the current prices on the relevant Underlying Markets Exchanges and you acknowledge youacknowledge that a Transaction may be triggered even though: ● an Underlying Market :
15.7.1 An Exchange never traded at the level of your Transaction; or ● the Underlying Market or
15.7.2 The Exchange did trade at the level of your Transaction but for such a short period that it would have been impractical to execute an equivalent transaction on the Underlying MarketsExchange.
15.8. 15.8 When you complete a Transaction on the Trading Platform, you agree that you are dealing with us as principal, off-exchange and are not dealing on a recognised exchangethe Exchange.
15.915.8.1 Please remember that when you open a transaction on the Trading Platform you are trading with CFDs, which means that you enter into a contract with us for the difference between the value of an Instrument as specified on the Trading Platform at the time of opening a Transaction, and the value of such Instrument at the time of closing the Transaction. You acknowledge and agree that you are not entitled to ownership of the underlying asset of such a contract (for example the actual Shares or the Rights offered in a Rights Issue event or the Shares offered in an Options contract)."
15.9 You acknowledge that any prices quoted on the Trading Platform are set by us in our reasonable discretion, taking into account a variety of factors including prevailing market conditions and trading demand on the Trading Platform. You also acknowledge that the prices quoted on the Trading Platform may diverge significantly from any current Exchange or market price, or a competitor’s price for the underlying Instrument.
15.9.1 You undertake and agree not to use the prices quoted on the Trading Platform for any purpose other than for your own trading purpose, and you agree not to redistribute our prices to any other person whether such redistribution is for commercial or other purposes.
15.1015.9.2 You may notice there is a link on the trading screen of the Trading Platform to prices on the relevant exchange on which the underlying financial instrument is traded. Where the underlying instrument is not traded on a specific exchange, there is a link to Yahoo Finance/ Google Finance for illustrative purposes only. Please be aware however that as these prices are provided via newswires there is often a significant time delay and they should only be referred to as a research tool.
15.10 You acknowledge that each Transaction is made for a specified number of units that constitute the Underlying Assetunderlying Instrument. You may only complete Transactions on the Trading Platform for the minimum number of units as set forth on the Trading Platform as the "“Unit Amount"”, and in multiples of such "“Unit Amount" ” up until the maximum amount permitted by the Trading Platform. You acknowledge and agree that we may set, in our sole and absolute discretion, the "“Unit Amount" ” for each Underlying AssetInstrument.
15.11. 15.11 Each Transaction opened by you, and any Transaction completed, will be binding on you notwithstanding that by opening the Transaction you may have exceeded any credit or other limit applicable to you or in respect of your dealings with us. It is noted however that the Company applies a Negative Balance Protection Policy pursuant to which, you may not lose more than the amount deposit on the Platform. In the event that a Position is closed at such price causing your equity to fall below zero, the Company shall waive its right to receive the balance from the Client.
15.12. 15.12 Subject to paragraph Section 15.15 herein below you may request a quote to open or close a Transaction for a particular Underlying AssetInstrument, at any time during the Trading Hours for such Underlying AssetInstrument. We will be under no obligation to but may, in our absolute discretion, provide a quote and accept and act on your offer to open or close a Transaction for an Underlying Asset Instrument outside of the Trading Hours of such Underlying AssetInstrument. In some cases, Transactions may only be traded during the time when the relevant Underlying Market exchange where the Instrument is traded is open. SUPERFLUIDITY FINANCE LIMITED's Trading Hours are displayed on the Trading Platform under the details link for each specific Underlying AssetInstrument which may or may not be the same as the Trading Hours of the relevant Exchange. It You acknowledge that it is your responsibility to ensure you are aware of which Underlying Asset Instrument may be affectedaffected by differences in the Trading Hours for a particular Instrument compared to the Trading Hours of the relevant Exchange for the relevant Instrument.
15.13. 15.13 Without prejudice to any of our right hereunderderogating from Section 10.4, if, prior to the acceptance of your Order offer to open or close a Transaction, we become aware that any of the factors set out in paragraph Section 15.14 herein have not been met, we reserve the right to reject your Order offer outright. If we have, nevertheless, already opened or closed a Transaction prior to becoming aware that a factor set out in paragraph Section 15.14 herein has not been met, we may, in our absolute discretion, either treat such a Transaction as void from the outset or close it at our then prevailing priceprice quoted on the Trading Platform. However, we may, in our absolute discretion, allow you to open or, as the case may be, close the Transaction in which case you will be bound by the opening or closure of such Transaction, notwithstanding that the factors in paragraph Section 15.14 were not satisfied.
15.14. 15.14 The factors referred to in paragraph Section 15.13 include the following: ● :
15.14.1 the quote must be obtained via the Trading Platform or by such other means as we may from time to time notify you. ● ;
15.14.2 your offer to open or close the Transaction must be given while the quote is still valid. ● ;
15.14.3 the quote must not contain a Manifest Error. ● ;
15.14.4 when you offer to open a Transaction, the number of units in respect of which the Transaction is to be opened must be neither smaller than the minimum unit amount specified on the Trading Platform for the Instrument, as applicable, from time to time, nor greater than the amount permitted in accordance with the terms of this Agreement. ● ;
15.14.5 when you offer to close part but not all of an open Transaction both the part of the Transaction that you offer to close and the part that would remain open if we accepted your offer must not be smaller than the minimum unit amount specified on the Trading Platform. ● ;
15.14.6 a Force Majeure Event must not have occurred when as described in Section 16.1 of this Agreement;
15.14.7 When you offer to open or close a Transaction. ● Transaction an Event of Default must not have occurred in respect of you. ● ;
15.14.8 when you offer to open any Transaction, the opening of the Transaction must not result in your exceeding any initial or maintenance margin amount, credit or other limit placed on your dealings. ● ;
15.14.9 subject to paragraph Section 15.12, our your offer must be given to us during the Trading Hours for the applicable Underlying Asset Instrument in respect of which you offer to open or close the Transaction. ● the internet connection or communications are not disrupted. ● there is no request of regulatory or supervisory authorities of Belarus or a court order to the contrary. ● the legality or genuineness of the Order is not under doubt. ● there are Normal Market Conditions; and ● and
15.14.10 any other reasonable factor that we, in our sole discretion, notify you from time to time.
15.15. 15.15 If, before your offer to open or close a Transaction is accepted by us, our quote moves to your advantage (for example, if the price goes down as you buy, buy or the price goes up as you sell) you agree that we can (but do not have to) pass such price improvement on to you. The effect of such action being that the level at which you offer to open or close a Transaction will, upon acceptance by us, be altered to the more favourable price. You acknowledge that it is in your best interests for us to alter the level of your offer in the manner contemplated in this paragraph Section and you agree that any offer altered in accordance with this paragraphSection, once accepted by us, results in a fully binding agreement between us. Without derogating from the foregoing, you acknowledge that it is within our complete discretion as to when we will pass on a price improvement to you. You should also note that we will only pass on a price improvement within allowable limits.
15.16. Certain third-party companies may make available computerized solutions that facilitate the entry of trading orders or the execution of other activities on the Trading Platform (e.g. "trading robots") and/or allow for algorithm-based trading ("Robots" and/or "Robot Trading"). The use 15.16 Use of any Robots and/or Robot Trading robots, spiders or other automated data entry system with the Trading Platform is in no way sanctioned expressly prohibited. All Transactions must be completed manually by the Company and is at the Client's sole risk and responsibility. The Company makes no representations or warranties about the effectiveness, accuracy, functionality, performance, integrity, freedom-from-error or any other feature of any such Robots or Robot Trading solutions. Clients expressly acknowledge that the use of any Robots or engaging in Robot Trading is extremely risky and hereby absolve the company of liability for any damage caused as a result of the use of Robots and or Robot Tradingyou. Any Transaction completed through the such use of a Robot or through Robot Trading an automatic data entry system shall be considered to have been executed by the Clientnull and void. The Company is under no obligation to facilitate the use Upon a breach of this Section 15.16, we may immediately close all or any Robot or to make available Robot of your Trading on the Trading Platform.
15.17. The Company is under no obligationAccounts held with us of whatever nature, unless otherwise agreed in the Agreement, to monitor or advise terminate the Client on the status of Agreements without notice and refuse to enter into further Transactions with you. Furthermore, any Transaction or monies held in your Trading Account shall be frozen and we shall be entitled to close out deduct any Client’s Open Positions. When the Company decides to do so, other than amounts from your Trading Account in order to enforce the Negative Balance Protectionset off any loss, this will be done on a discretionary basis and will not be considered an undertaking of an obligation to continue. It is the Client’s responsibility to be aware of his positions at all times.
15.18. If any Underlying Asset which is a security becomes subject to possible adjustments damages or expenses incurred by us as a result of a breach of this Section. Any remaining monies in your Trading Account will be returned to you in accordance with Section 22.10.
15.17 If you have more than one Trading Account with us, each Trading Account can be treated entirely separately by us. Therefore, any credit on one Account (including amounts deposited as Margin) will not discharge your liabilities in respect of any other Account. This does not derogate from any other rights we may have if Unacceptable Trading Circumstances exist. It is your responsibility to ensure the required level of Margin is in place for each Trading Account separately.
15.18 Opening of more than one Trading Account is not allowed by us. You acknowledge that in an event that you opened more than on Trading Account, we will be entitled to exercise our right of terminating one and or any of the events set out in section 15.19 (referred your accounts. We can also decide to as “Corporate Event”), the Company will determine the appropriate adjustment, if any, to be made to the opening/closing price, size, value and/or quantity treat all of the corresponding Transaction (and also the level or size of the corresponding orders). This action is made in order to (i) account for the diluting or concentrating effect necessary to preserve the economic equivalent of the rights and obligations of the parties under that transaction immediately prior to that Corporate Eventaccounts as connected account, and/or (ii) replicate the effect of the Corporate Event upon someone with an interest in the relevant Underlying Asset security, to be effective from the date determined operated by the Companyone customer.
15.19. The events to which paragraph 15.18 refers to are any of the following, by the declaration of the issuer of a security:
a. A subdivision, consolidation or reclassification of shares, a share buy-back or cancellation, or a free distribution of bonus shares to existing shareholders, capitalization or share split or reverse share split or similar event.
b. A distribution to existing holders of the shares or additional shares, other share capital or securities, granting the right to payment of dividends and/or proceeds from the liquidation of the issuer equally proportionate to such payments to holders of the underlying shares, securities, or warrants granting the right to receive or purchase shares for less than the current market price per share.
c. Any other event regarding shares analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of shares.
d. Any event analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of any security not based on shares.
e. Any event that is caused by a merger offer made regarding the company of the underlying asset.
15.20. If any Underlying Asset which is a security becomes subject to a specific risk resulting in a predicted fall in value, the Company reserves the right to restrict short selling or even withdraw the specific Underlying Asset from the Trading Platform.
15.21. Determination of any adjustment or amendment to the opening/closing price, size, value and/or quantity of the Transaction (and/or level or size of any order) shall be at the Company’s sole discretion and shall be conclusive and binding upon the Client. The Company shall inform the Client of any adjustment or amendment via its internal mail as soon as is reasonably practicable.
15.22. In the case where the Client deliberately attempts to take advantage of the fact that shares in a particular Spot Index going ex-dividend, the Company reserves the right to apply a dividend adjustment in the form of commission without prior notice or consent. In the case of short positions, the dividend adjustment will be debited from the client’s account where dividend adjustments = Index Dividend declared x position size in Lots.
Appears in 1 contract
Samples: User Agreement
GENERAL RULES OF TRADING. 15.1. Once you place an Order on the Trading Platform, the Company executes the said order by itself. It is understood that the Company executes the Client Orders in CFDs as principal to principal against the Client.
15.2. You acknowledge and agree that each Transaction conducted on the Trading Platform, including the placing of an Order, is comprised of first, an offer by you to us to complete a Transaction (whether such offer is to open a Transaction or close an open Transaction) at a certain price quoted on the Trading Platform, and our subsequent acceptance of your offer. A Transaction will be deemed to have been completed only when your offer has been received and accepted by us. Our acceptance of an offer will be evidenced by our confirmation of its terms to you and its completion.
15.3. We will be under no obligation to, but may in our absolute discretion, provide quotes for, or accept, execute or cancel, all or any part of a Transaction that you have requested through the Trading Platform without giving any reason. You may request to cancel or amend a Transaction at any time prior to our completing such a Transaction. We shall be entitled, but not obliged, to accept such a request in our sole discretion.
15.4. We reserve the right to void from the outset any Transaction containing or based on any Manifest Error. In the absence of our fraud or willful default, we will not be liable to you for any loss, cost, claim, demand or expense following any Manifest Error.
15.5. You acknowledge that all prices and Quotes shown on the Trading Platform are indicative only of actual trading prices in Normal Market Size and are subject to constant change. The Company provides Quotes by taking into account the Underlying Asset price, but this does not mean that these Quotes are within any specific percentage of the Underlying Asset price. When the relevant Underlying Market is closed, the Quotes provided by the Company will reflect what the Company thinks to be the current Bid and Ask price of the relevant Underlying Asset at that time.
15.6. You shall comply with any restrictions that we notify you from time to time with respect to your activities on the Trading Platform, including without limitation, the size of Transactions or other conditions that may apply to our quote. You acknowledge that we may offer to and impose on each user, in our sole discretion, different terms and restrictions with respect to their use of the Trading Platform.
15.7. You acknowledge that the Trading Platform is independent of any Underlying Markets Markets, and we are under no obligation to quote a particular price or follow the trading rules consistent with such Underlying Markets. You further acknowledge that the triggering of your Transaction is linked to the prices we quote on the Trading Platform, not the prices quoted on the relevant Underlying Markets. In determining whether the prices quoted on the Trading Platform reach or exceed the price accepted by us in a Transaction, we will be entitled (but not obliged), in our absolute discretion, to disregard any prices quoted by us during any pre-market, post-market or intra-day auction periods in the relevant Underlying Markets, during any intra-day or other period of suspension in the relevant Underlying Markets, or during any other period that in our reasonable opinion may give rise to short-term price spikes or other distortions. Our prices may differ from the current prices on the relevant Underlying Markets Markets, and you acknowledge that a Transaction may be triggered even though: ● an Underlying Market never traded at the level of your Transaction; or ● the Underlying Market did trade at the level of your Transaction but for such a short period that it would have been impractical to execute an equivalent transaction on the Underlying Markets.
15.8. When you complete a Transaction on the Trading Platform, you agree that you are not dealing on a recognised recognized exchange.
15.9. You undertake and agree not to use the prices quoted on the Trading Platform for any purpose other than for your own trading purpose, and you agree not to redistribute our prices to any other person whether such redistribution is for commercial or other purposes.
15.10. You acknowledge that each Transaction is made for a specified number of units that constitute the Underlying Asset. You may only complete Transactions on the Trading Platform for the minimum number of units as set forth on the Trading Platform as the "Unit Amount", and in multiples of such "Unit Amount" up until the maximum amount permitted by the Trading Platform. You acknowledge and agree that we may set, in our sole and absolute discretion, the "Unit Amount" for each Underlying Asset.
15.11. Each Transaction opened by you, and any Transaction completed, will be binding on you notwithstanding that by opening the Transaction you may have exceeded any credit or other limit applicable to you or in respect of your dealings with us. It is noted however that the Company applies a Negative Balance Protection Policy pursuant to which, you may not lose more than the amount deposit on the Platform. In the event that a Position is closed at such price causing your equity to fall below zero, the Company shall waive its right to receive the balance from the Client.
15.12. Subject to paragraph 15.15 herein you may request a quote to open or close a Transaction for a particular Underlying Asset, at any time during the Trading Hours for such Underlying Asset. We will be under no obligation to but may, in our absolute discretion, provide a quote and accept and act on your offer to open or close a Transaction for an Underlying Asset outside of the Trading Hours of such Underlying Asset. In some cases, Transactions may only be traded during the time when the relevant Underlying Market is open. Trading Hours are displayed on the Trading Platform under the details link for each specific Underlying Asset. It is your responsibility to ensure you are aware of which Underlying Asset may be affected.
15.13. Without prejudice to any of our right hereunder, if, prior to the acceptance of your Order to open or close a Transaction, we become aware that any of the factors set out in paragraph 15.14 herein have not been met, we reserve the right to reject your Order outright. If we have, nevertheless, already opened or closed a Transaction prior to becoming aware that a factor set out in paragraph 15.14 herein has not been met, we may, in our discretion, either treat such a Transaction as void from the outset or close it at our then prevailing price. However, we may, in our absolute discretion, allow you to open or, as the case may be, close the Transaction in which case you will be bound by the opening or closure of such Transaction, notwithstanding that the factors in paragraph 15.14 were not satisfied.
15.14. The factors referred to in paragraph 15.13 include the following: ● the quote must be obtained via the Trading Platform or by such other means as we may from time to time notify you. ● your offer to open or close the Transaction must be given while the quote is still valid. ● the quote must not contain a Manifest Error. ● when you offer to open a Transaction, the number of units in respect of which the Transaction is to be opened must be neither smaller than the minimum unit amount specified on the Trading Platform for the Instrument, as applicable, from time to time, nor greater than the amount permitted in accordance with the terms of this Agreement. ● when you offer to close part but not all of an open Transaction both the part of the Transaction that you offer to close and the part that would remain open if we accepted your offer must not be smaller than the minimum unit amount specified on the Trading Platform. ● Force Majeure Event must not have occurred when you offer to open or close a Transaction. ● an Event of Default must not have occurred in respect of you. ● when you offer to open any Transaction, the opening of the Transaction must not result in your exceeding any initial or maintenance margin amount, credit or other limit placed on your dealings. ● subject to paragraph 15.12, our offer must be given to us during the Trading Hours for the applicable Underlying Asset in respect of which you offer to open or close the Transaction. ● the internet connection or communications are not disrupted. ● there is no request of regulatory or supervisory authorities of Belarus or a court order to the contrary. ● the legality or genuineness of the Order is not under doubt. ● there are Normal Market Conditions; and ● any other reasonable factor that we, in our sole discretion, notify you from time to time.
15.15. If, before your offer to open or close a Transaction is accepted by us, our quote moves to your advantage (for example, if the price goes down as you buy, or the price goes up as you sell) you agree that we can (but do not have to) pass such price improvement on to you. The effect of such action being that the level at which you offer to open or close a Transaction will, upon acceptance by us, be altered to the more favourable price. You acknowledge that it is in your best interests for us to alter the level of your offer in the manner contemplated in this paragraph and you agree that any offer altered in accordance with this paragraph, once accepted by us, results in a fully binding agreement between us. Without derogating from the foregoing, you acknowledge that it is within our complete discretion as to when we will pass on a price improvement to you. You should also note that we will only pass on a price improvement within allowable limits.
15.16. Certain third-party companies may make available computerized solutions that facilitate the entry of trading orders or the execution of other activities on the Trading Platform (e.g. "trading robots") and/or allow for algorithm-based trading ("Robots" and/or "Robot Trading"). The use of any Robots and/or Robot Trading with the Trading Platform is in no way sanctioned by the Company and is at the Client's sole risk and responsibility. The Company makes no representations or warranties about the effectiveness, accuracy, functionality, performance, integrity, freedom-from-error or any other feature of any such Robots or Robot Trading solutions. Clients expressly acknowledge that the use of any Robots or engaging in Robot Trading is extremely risky and hereby absolve the company of liability for any damage caused as a result of the use of Robots and or Robot Trading. Any Transaction completed through the use of a Robot or through Robot Trading shall be considered to have been executed by the Client. The Company is under no obligation to facilitate the use of any Robot or to make available Robot Trading on the Trading Platform.
15.17. The Company is under no obligation, unless otherwise agreed in the Agreement, to monitor or advise the Client on the status of any Transaction or to close out any Client’s Open Positions. When the Company decides to do so, other than in order to enforce the Negative Balance Protection, this will be done on a discretionary basis and will not be considered an undertaking of an obligation to continue. It is the Client’s responsibility to be aware of his positions at all times.
15.18. If any Underlying Asset which is a security becomes subject to possible adjustments as a result of any of the events set out in section 15.19 (referred to as “Corporate Event”), the Company will determine the appropriate adjustment, if any, to be made to the opening/closing price, size, value and/or quantity of the corresponding Transaction (and also the level or size of the corresponding orders). This action is made in order to (i) account for the diluting or concentrating effect necessary to preserve the economic equivalent of the rights and obligations of the parties under that transaction immediately prior to that Corporate Event, and/or (ii) replicate the effect of the Corporate Event upon someone with an interest in the relevant Underlying Asset security, to be effective from the date determined by the Company.
15.19. The events to which paragraph 15.18 refers to are any of the following, by the declaration of the issuer of a security:
a. A subdivision, consolidation or reclassification of shares, a share buy-back or cancellation, or a free distribution of bonus shares to existing shareholders, capitalization or share split or reverse share split or similar event.
b. A distribution to existing holders of the shares or additional shares, other share capital or securities, granting the right to payment of dividends and/or proceeds from the liquidation of the issuer equally proportionate to such payments to holders of the underlying shares, securities, or warrants granting the right to receive or purchase shares for less than the current market price per share.
c. Any other event regarding shares analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of shares.
d. Any event analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of any security not based on shares.
e. Any event that is caused by a merger offer made regarding the company of the underlying asset.
15.20. If any Underlying Asset which is a security becomes subject to a specific risk resulting in a predicted fall in value, the Company reserves the right to restrict short selling or even withdraw the specific Underlying Asset from the Trading Platform.
15.21. Determination of any adjustment or amendment to the opening/closing price, size, value and/or quantity of the Transaction (and/or level or size of any order) shall be at the Company’s sole discretion and shall be conclusive and binding upon the Client. The Company shall inform the Client of any adjustment or amendment via its internal mail as soon as is reasonably practicable.
15.22. In the case where the Client deliberately attempts to take advantage of the fact that shares in a particular Spot Index going ex-dividend, the Company reserves the right to apply a dividend adjustment in the form of commission without prior notice or consent. In the case of short positions, the dividend adjustment will be debited from the client’s account where dividend adjustments = Index Dividend declared x position size in Lots.
Appears in 1 contract
Samples: Client Agreement
